Dave: (00:03)
All right, Jaimerinski , whenever you’re ready. Give us a countdown. Three, two, Boom.

Steve: (00:11)
Beep.

Jaime: (00:13)
I don’t wanna do the intro.

Dave: (00:14)
You’re doing the intro.

Jaime: (00:17)
The *quack* do I say

Dave: (00:18)
Whatever you wanna say.

Jaime: (00:23)
Welcome back to another installation of three…

Steve: (00:27)
What, what are we installing?

Dave: (00:36)
We’re installing another episode…

Steve: (00:39)
We’re installing information.

Jaime: (00:44)
Welcome back to another information installation brought to you by Sell for 1 Percent realtors.

Dave: (00:52)
There you go.

Jaime: (00:55)
You do the intro.

Dave: (00:56)
All right, everyone. SB, I think Jaime did a about as good as he could there. So off you go. Tell us about interest rates

Steve: (01:06)
Hey guys. Welcome back to Sell for 1 Percent We’re certainly glad you’re here. And we want to wish our colleague Mike Hopper well. He is under the weather and not able to be with us this week, so take care of yourselves out there. It’s certainly going around.

Good news with interest rates. Last week we reported 6.375 on the 30 year fixed rate, rates have dropped down to 6.25. The 15 year rate from 5.875 last week to 5.625 this week. And the FHA rate from 6.375 last week down to 6.25  this week.

And we were talking a little bit here, before we got rolling; There’s an interesting thing that I think needs to be pointed out. It’s about the

Fed overnight rate

that has been raised 4 consecutive months in a row now, and interest rates. DB interest rates continue to fall even though the Fed keeps raising the overnight rate.

Dave: (02:17)
Well, I think a lot of people get confused because they see the Fed, they see the Fed, they see the Fed, and the Fed and mortgage rates are loosely tied together, but they’re not directly tied together. And so even though the Fed is raising rates, and, and we saw that back at the first of December when they raised rates three quarters of a point, and then the next day we saw interest rates and mortgage interest rates actually drop. And so over the last, you know, few days we’re seeing interest rates continue to drop and it’s a direct result of high interest rates. There’s just not enough demand for the supply of money that’s out there. And so interest rates are falling and we’ll see where they head long term. But the main thing to keep in mind here is that

the Fed overnight rate is not directly tied to mortgage interest rates.

And we should probably do a video about that.

Steve: (03:23)
Well, what a great time to get back into the market. You know, couple good things, there’s not a lot of buyers out there right now, and so

chances of you getting into a bidding war, right now, are pretty slim.

There are sellers out there that still need to sell houses and with interest rates dropping today may be a good day to get some more information by giving us a call right here at Sell for 1 Percent.

Dave: (03:49)
We had a lender on Friday, late Friday, send out a message that said

interest rates had dropped to 6%

and he just wanted us to know for the weekend. And I think you’re exactly right, SB, that interest rates are coming down. As a buyer, you may wanna look at some houses that have been on the market for 60, 70, 80, 90 days. Those sellers, obviously here during the Christmas period, have got to sell something or else they wouldn’t be on the market. And after, two, three months of not getting an offer,

you may have an opportunity to be able to buy something.

So as SB said, give us a call, we’d be happy to help.

Steve: (04:34)
(614) 451-6616, (614) 778-0826. Give us a call here at Sell for 1 Percent.

The post Interest Rate DROP- Dec 7, 2022 appeared first on sellfor1percent.