RANT - Interest Rates
/Interest rates are at all time lows and yet a client wants them lower… that is what my rant is about today. So a client made the comment about interest rates being too high, which as we speak they are at all time lows. They want them even lower before buying and I had to explain to them how low rates are and how we got here.
I give a bit of perspective on how low the rates are historically and when you take that in to account you realize how low they really are. Imagine 20 years ago when I purchased my home anything under 7 was great. In the 80’s it was not uncommon to see rates in the double digits with 20% down. If you were to do that today you would be considered weird to say the least. People would panic if you couldn’t purchase a home without less than 20% down.
Given the minimum 3.5% down and some loans even lower with an interest rate in the low 3’s… well that is just plain ridiculously low. How much lower will they go? I don’t think they will they only have one way to go and that is up.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will be more confident & make better decisions.
Have questions about this or other topics, do not hesitate to contact me.
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Luis Cuevas, Broker/Realtor®
Serve Realty
(214) 783-0535
Luis@ServeRealtyTx.com
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