Get ready for the rate hike boys and girls!!
Time to get off the real estate fence, folks - the 1 Year LIBOR has increased, and mortgage rate is going from 3.125% to 3.875%.... the bottom is gone... but some folks won't "get it" and then they will experience the "top" or just plain not be able to buy.... remember every 1% increase in mortgage rate can reduce your borrowing power by 10%... is !250k only affords you $225k a year from now... that's a lot... if you are on the fence... get off of it... if you're thinking about selling.. do it... before you get double whammied.... (less buyers because of higher rates plus you gotta pay more interest to buy your next home)
