I knew this was coming, everyone had to know this was coming, and I was appropriately prepared for it. That’s not to say we don’t need to really hustle around here, only that it’s a smooth, organized hustle. During the past week I’ve been sitting under a waterfall of new mortgage applications. Lots of people are refinancing of course, but I’m seeing many, many more home purchases as well. These are SMART PEOPLE!! In the midst of so much gray news about our country’s economy and the real estate market, mortgage rates are one enormously conspicuous bright light. I can’t imagine that it will burn this bright for very long.
The Fed is doing the right thing, and it doesn’t surprise me in the least that it is working. What does surprise me is the length of time it took people to realize that they should be doing this. Rates have been awesome for a while now.
There is absolutely no predicting what will happen next. My advice is “get in while you can” so you don't have regrets later.
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