As we all expected the Feds raised the interest rates 1/4 % up to 3/4%.
This isn't a bad thing. We all know that we as a country cannot keep going with a fed Interest Rate lower than 1.0%. I don't suspect we will go much higher than that. As we are in the middle of December we actually on the Mortgage side seen interest rates dip a little today because the lenders already anticipated a higher raise in the fed rate. With only a quarter raise we were able to see some interest rate improvements.
This will affect growth with Real Estate values. I think we will see a little slow growth for the 1st quarter of 2017. As a Branch Manager / Mortgage Banker I have instructed my team that we re-evaluate all Pre-Approvals that have been given out over 30 days ago. We want to make sure we are still fine with our Debt to Income Ratios.
I see with even Interest Rates on the rise we are still seeing a lot of buyers trying to get Pre Approed for home loans. We are seeing a rise in different mortgage products to help buyers get into homes. This will help with values even though we are seeing a rise in Interest Rates.
To be qualified for a home loan please go to my link Robert Krowel
Thank you
Robert Krowel
