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The Rich Kemper Team

We don't work from 9 to 5. We work from start to close!

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(813) 777-5332  getrichquick2@aol.com
Ranked in Top 100 Tampa Bay Realtors

ARE INTERST RATES UP OR DOWN?

October 22, 2014 By Richard Kemper Leave a Comment

 

Richard Kemper is your local Remax real estate agent serving East Hillsborough County.

Rich Kemper your personal agent
Rich Kemper Your Personal Agent

Are interest rates up or down? Well, it’s kind of like the stock market lately. Current interest rates bounce up and down on a daily basis and normally only about a 1/4 point up or down, but last week (Friday) they had dropped below 4% for a conventional loan which is a big deal. I bought a new home in March 2014 and the interest rates were bouncing that 1/4 of a point and I ended up at 5.375% on a conventional loan. When they dropped last Friday I immediately called my preferred lender and asked about refinancing. When you refinance in a short period of time your closing costs aren’t as high and I could take about $70 off of my current monthly mortgage. If you look at $70 over say 15 years that’s $12,600 back in my pocket!

In closing I just want to say that interest rates always fluctuate from day to day and even from hour to hour. Normally bad news causes a drop in interest rates which is what happened last week. We have bad news with ISIL terrorism, the stock market loosing previous gains,  and the ebola scare and the combination brought the rates down. With that said, current interest rates are at an all time low, but we know as soon as the government stops printing money the interest rates will probably climb rather rapidly to 6%. I say all of this to tell you that if you are thinking about refinancing or purchasing a home you probably need to think about doing very soon as we all know prices and interest rates are going to be moving higher.

Filed Under: News, Uncategorized Tagged With: conventional loans, FHA 203K Loan, FHA Loans, interest rates, tampa home sale statistics, tampa home sales, usda, usda financing

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The Rich Kemper Team has 25 years of experience in the real estate industry and ranks as one of the Top 100 Realtors in the Tampa area. Both Rich and his son Josh have lived in the Tampa area since 1999 and have an in depth knowledge of the area.

Rich Kemper is your local Remax real estate agent serving the Tampa areaThe Rich Kemper Team is devoted to helping buyers and sellers in the Tampa area. Rich and Josh Kemper are Remax agents and are rated in the Top 100 Realtors® in the Tampa area. Offices Brandon - Riverview - St. Pete.

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