Real Estate Home Mortgage Interest Rates On The Rise!

I spoke to Morgan at MGM Financial today and learned the rumor is true that interest rates rose from approximately 4 1/2 % last week to 5% today. This is on a 30-year conventional loan with 20% down.

We've all known that interest rates couldn't stay that low forever, but we were hoping they would anyway. 5% is still a great rate! Buyers, take advantage of that low rate! Let's hope they don't go up anymore!

I was thinking back to the early 80's when I got my real estate license. Interest rates were near the 20% level. ERA Realty Center had a celebration when they finally dropped to 13%. Imagine the jubilation when they dropped to the one digit level! Let's hope we never see rates that high again!

I do believe it's a great time to buy while interest rates and home prices are still at affordable lows. That translates into affordable monthly payments for our buyers.

I do love referrals! Buyers, sellers, agents, please call Janet's team at 435-865-1019 or 800-934-3742 at ERA Realty Center or email naisbitt@infowest.com. Check out the foreclosures, new construction, short sales and other bargain-priced homes for sale on the MLS at www.homesincedarcity.com. We'd love to give you top service with all your real estate needs.