Once rates creep up, home sellers will need to be significantly more cautious about their pricing strategies.
Once rates creep up, home buyers will need to be much more aware of what they can & cannot purchase.
The Federal Open Market Committee (FOMC) reviews all economic factors and makes the determination to raise or hold rates the Fed will charge.
The problem is the unknown for us that are so micro focused on interest rates for our clients. Anyone that has been in the housing industry for any period of time completely understands this.
Should they refi now? Should they sell now? Should they buy now? What type of loan should they get? So many questions that we get asked on a regular basis.
Right now, we are waiting til the FOMC meets again in December. They have "decided to wait for additional information confirming that the economic outlook has not deteriorated" before they give the green light to raise rates.
We've had this threat on and off again for several years now. The on & off again threat shall continue.