Rising Rates and Our Hot Housing Market

Ken Pitts talks about the rising interest rates and their impact. 

If you’ve been listening to real estate news, you’ll know that interest rates are going up. Everyone is in an uproar about how we’re going to hit 4%, but it wasn’t too long ago that we were celebrating 4%. Whenever I need to talk about mortgage rates and making homes more affordable, I go to the industry experts, so today I met up with Ken Pitts from First Choice Mortgage Advisors. He’s breaking down the topic and covers how rising rates will affect you as a buyer or seller.

You can watch the full interview above or skip to each section using the timestamps provided: 

0:00 — Introducing today’s topic and our guest, Ken Pitts

1:20 — We’ve gotten used to historically low rates

3:06 — How The Federal Reserve might raise rates

4:41 — What are points, and are they worth it?

7:14 — People rarely stay in a mortgage for 30 years

9:24 — Is the market cooling down because of higher rates?

11:34 — Sellers would sell if they had somewhere to go

12:30 — What if you need the equity from your home to buy?

16:04 — You don’t usually see double transactions anymore

17:18 — Our advice for buyers and how they are getting creative

18:43 — Wrapping up

I’ll be talking to Ken again sometime because we’ll want to discuss rates again in the future. If you want to reach out to Ken, you can contact him on his website or call him at (610) 637-7325. If you have any other real estate questions, feel free to call or email me. I would love to hear from you.