In the Spring time, Interest rates seem to naturally grow ...
So the news is out, mortgage rates are FINALLY going up a wee bit.
No surprise really, I expected them to - as they have every year since I became a homeowner. When I bought my first property in 2004, I didn't understand anything about terms, rates and amortization, I had to learn all these big words to understand my options and sign to my biggest investment to date. And through the entire experience, I remember the best advice came from my lawyer who told me that interest rates, "Go up in the Spring and down in the Fall." As simple as that, he has yet to be wrong. But most of us are so scared of increases, the possible return of the "80s" rates and foreclosures similar to the U.S. that we seem to get scared every time we hear the rates are going up.
Its no surprise why so many individuals are concerned today about the news of increases in mortgage interest rates at a few big banks. But the truth is, the average consumer has choices on where to borrow the money and getting low interest rates with other financial companies is always an option.
The real estate market is doing great, the rates are fantastic and its going to be a sunny 24c days for most of this weekend, so please don't worry about the increase in interest rates and go enjoy the sun and a few open houses in your area.
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