Open Letter from Robert Sorrells with Hamilton Mortgage:
Still hoping interest rates will go back down to buy a home?
The gentleman above is a good example of the saying, ‘you snooze you lose’.
Since the presidential election on November 2016, interest rates have made a slow yet steady climb. This week, the Federal Reserve will raise the discount rate banks pay for money, further putting pressure on interest rates. Spring is upon us which means new construction will be picking up as well. This also increases the likelihood of increased interest rates. We’ve been in the lowest interest rate period since the 1940s. Mortgage rates are still very attractive compared to historical data.
Now, is the time to buy a home! Prices are going up all over the country and so are interest rates on mortgages. I highly recommend anyone considering the purchase of a property to proceed now if it is your desire to buy in 2017.
If I can be of service to you, please don’t hesitate to give me a call anytime.
Robert L. Sorrells NMLS #415747
Manager- Baldwin County
Hamilton Mortgage Corporation
26 Proud Years as an Alabama Based Lender