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26 Jul 2013
Mortgage rates have hit historical all-time lows during this recession, but mortgage rates appear to be headed upward. In late 2012 and in 2013 mortgage rates dipped to record lows below 3.5% as you can see on the chart below. Today the 30 year mortgage rate is 4.31%. Interest rates appear to be headed back up.
Mortgage rates do not typically increase or decrease in a straight line. Technical charting usually looks like this chart above on mortgage rates, and one can logically say that while interest rates are probably headed upward after a long recession of the lowest rates in history, interest rates will not increase on a steady line. They will slowly increase with dips retracing the increases periodically.
I am advising my buyers to lock in an interest rate as soon as they can once they have mutual acceptance on a purchase. I’ve already had some clients who had interest rates go up on them while their transaction was pending. If mortgage rates go up one percent, that can increase your 30-year mortgage payment by a couple of hundreds dollars or more, depending on the balance of your loan.
I put together a chart of mortgage rates going back to 1971, and it’s worth looking at. Remember 16.7% in 1981? See Historical Mortgage Interest Rates.
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I am an experienced real estate buyer, but I am not from the Sequim area. I am somewhat flexible, realistic, but also particular. So the question was, “how do you choose the RIGHT real estate agent?”
I made my appointment with Chuck on a Sunday morning in March, 2013. He showed me 5 houses. Every house he showed me was within my parameters! I was amazed: a real estate who listened, did his research, and didn't waste my time showing me houses I would never buy! I made an offer a few days later. That was the easy part…
Buying a house is always a stressful time in life. Advice to Buyers: choose an agent who is competent, communicates well, and has exceptional follow-up and follow-through! You will spend a lot of time with your agent during the process. Choose someone likable. Go with your gut. I got to know Chuck during the process, and he's a great guy!
You need an agent who is competent to handle and help you negotiate the issues that come up during disclosure, home inspection, appraisal, etc. Chuck's competence is superb! I got truly professional, sound, straightforward advice.
Chuck's communication skills are exceptional: phone, email, fax. He has a wonderful ability to stay "on-point" with what is actually important and doesn't lead you astray on issues that aren't so important.
Chuck's turn-around time on questions, issue resolution, etc. was virtually always within 24 hours. He follows-up, follows-through. He does what he says he will do timely. This relieves a lot of Buyer stress!
Having a difficult time finding the right agent? Simplify your life! Choose Chuck Marunde. I did. [Name withheld by request]
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