Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades:
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
Eight Things You Should Never Say When Buying a House
Seeing something that you love (or hate) can cause you to blurt out all kinds of things, some of which you may regret. Because while you can (and should) at all times be upfront with your real estate agent, you might not want to be quite so forthright around the sellers (or the listing agents working for them).
So before you decide to step into a house and stick your foot in your mouth, heed these top things never to say to sellers or their real estate agents when you are shopping for a new home. Steps in Buying a House
- “This is my dream house!”
Have you ever played poker? Well then you should know that if you would like to maintain a strong negotiating position, you should never tip your hand… Interested parties who express their unchecked passion for a house are shooting themselves.
These are the types of things which can help sellers obtain more cash from the buyers. This is due to the fact that they really know how much this home really means to them. Any negotiating strategies and all discussions about the home are best left in private. Saying a few nice things about the home is not bad—just do not gush. Gushing=bad. Steps in Buying a House
- “That couch is hideous”
Do not tell the sellers—or any real estate agent present—that they’ve poor taste in furniture or décor. Their style may not suit yours, but that is no reason to insult them. If they hear you bad-mouthing their curtains or rug, then they may just select another buyer. Steps in Buying a House
- “I can afford to spend X”
In spite of the fact that it is definitely a good idea for the prospective buyers to discover just how much they can afford, buyers should keep the information strictly between them and the Realtor. steps in buying a house
Prospective home buyers should not address with the seller or the seller’s agent anything concerning their ability to pay a full price offer or financing. This hinders the ability to negotiate the best price for the house. If you are asked, you should say that finding a home that is fairly priced is what matters to you more than the amount you can afford. steps in buying a house
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