There will be plenty of buyers attending open houses this weekend, despite a predicted lack of new inventory as we head into a holiday week. Some of you may have been recently preapproved for a loan. Others may have completed the process a month or two ago.
The big news this past week is that interest rates have increased significantly. If you’re about to write an offer, I recommend you contact your lender to revisit what your monthly payments will look like in conjunction with the latest interest rates. You may have been quoted 3.5% for a 30-year fixed loan a while back, but now you may be looking at upwards of 5% in today’s market.Continue Reading