As you may have heard, the Feds raised interest rates last week and disclosed that they anticipate raising them a couple more times in 2017. So how does this affect the real estate market in San Diego? Well if you were planning on buying or refinancing. NOW is the time to do it.
Rates are still very good compared to where they might have been when you got your current loan. If you are planning on buying a home you may want to start working on that process NOW as well. As rates increase your buying power decreases because of the rise in your payment and what you may qualify for in regards to a loan amount.
So what should I do you ask? Simple, call us NOW and let’s get one of our lender partners to lock you into a better rate than what you have now and get your refinance done and avoid losing a great opportunity to lower your rate and payment.
If you are thinking of buying a home then let’s get you pre-qualified before rates get worse and reduce your buying power and the type of home you desire.
Here are a few examples of how much your purchasing power decreases with even a slight uptick in interest rates:
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