Interest rates for mortgages have crept over 6% and it’s been the big story as we head into the summer. Anyone looking to buy or sell a home right now is probably wondering what these rate hikes will mean for the real estate market that’s been going strong for some time. We’ll get Bill’s thoughts on these upward trends and their impact moving forward.
What you’ll learn on this episode:
- An update on the company change to Cross Country Mortgage and what that means for the people we work with. (0:29)
- Whether this rate increase has cooled off demand and what these rates could mean the rest of the year. (2:20)
- Should consumers have an option at a longer mortgage length like 35 or 40 years? How could that benefit you? (6:49)
If you have questions about the mortgage process of buying a home or the ins and outs of refinancing, take advantage of our complimentary 15 minute mortgage consultation.
QUOTABLE MORTGAGE MOMENT:
“When you make your payment on a 30-year fixed, in the beginning about 30% of the full payment goes to principal and 70% goes to interest. On a 15-year, 60% goes to principal so you can see how the savings accrue very quickly.“