Orlando Real Estate

Interest Rates on the Move

June 20th, 2007 12:07 PM by David W. Welch

If you look back at my blog a few weeks ago, I said that there was pressure on interest rates. At that time rates were hovering just under 6%. Now they are getting close to 7%. Everyone that has been waiting for the market to bottom out, better buy something before interest rates go up any more.

In Orlando, owners always have the option of renting their home out if they cannot sell, because of the constant influx of people. So stop waiting for prices to crash - it is not going to happen in my opinion.

The change in interest rates just raised your payment on a $200,000 mortgage almost $100/mo in the last month or so. That's $36,000 extra you will pay over 30 years. You cannot afford to wait any longer.

Posted in:General
Posted by David W. Welch on June 20th, 2007 12:07 PM

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