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And so finally hit bottom but the has the air a record low mortgage rates bottom out along with that.
Joining me now Tonya not column CEO of team investments -- -- welcome to the -- it's great to have you here.
Are they showed some last three of the four last week's mortgage rates -- have ticked up in -- weren't -- -- Well you know the bottom line is the Fed said that they were going to raise rates with unemployment until unemployment hit six point 9%.
Obviously we know where -- seven point nine and they're raising -- a little bit.
But the bottom line is they cannot afford.
To raise rates a lot not with sixteen trillion dollars in in -- and say -- and the economy slightly diminishing.
And you know this.
This unemployment number they can afford to raise these rates well and I act I hear you I don't know if there listening and I -- hope and -- slowly ticking higher here.
Is that gonna do anything to housing rebound do you worry -- people are gonna step back and not -- No not yet when you look at it realistically.
If you buy a 275000.
Dollar house today with 5% down.
Your monthly payment is still less than in 1987 -- -- 175000.
Dollar house with 5% down.
So we're still in a better -- today for housing.
Then we have been in a long time and rates are at three and a half percent I mean that is still exponentially low.
So people need to understand where we were her.
Where we are and his movie if you want to refi and hundred refinance now what time you were showing.
Graphic chart of thirty year mortgage -- -- From all the way back to about 20082009.
And it is a steep slope south 22013.
I mean when you look at this historically it's almost comical that people are worried about rates popping back up because most people have never seen this in their lifetimes right they.
How often your career have you finance houses at this level.
All in this is unreal I've my first house I about it eight point 9% and I was happy I think my second was at 13% wow and I was making the payments out.
Having at three and a half percent interest rate is -- her -- And it's -- great brand name for people who are buying houses -- -- investment property is our personal family home.
It is time to buy I don't think it'll affect the buyers as much as it will affect the refinance there's and that's a critical group of people here because it says.
People who could refinance.
-- get out of their house might wanna move on get a new loan.
The folks there kind of -- would clog up the whole system at this point and we normally they're so much turnover.
When do you expect this to move to a more normal market.
I think we have a couple of years before we hit normal -- states that are judicial park closures like New York.
You have a lot of bogon -- going on steel and those homes have to hit the market state like Arizona that we're nonjudicial.
They're starting to level out and -- about as we sign that case Shiller numbers.
But really we have a while before we hit a normal market normal means consistent inconsistent isn't gonna happen -- Politico mapped areas and a look at property value post I happen anytime I'm actually really affect any of that's how things are coming I really interesting staff and I know people follow these rates so closely they're eager to hear anything about it thanks so much.
Thanks a lot.
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