Spooked by interest rates? Listen up!

Buyers, don’t be spooked this October by high interest rates!

Here’s why:

An increase in rates will cost you more, yes, but it may not be as much as you think. Let's look at an example.

A $300,000 loan with a 5% fixed rate comes out to roughly $1,610 a month. A $300,000 loan with a 6.5% fixed rate? $1,896 a month. That's a difference of $286.

Mortgage rates are still low compared to the rates from the last 40 years. Consider October 1981. The 30-year mortgage rate was 18.45%. Now, that's something to fear!

Fewer people are selling, and there just aren’t enough houses to go around—and it’s going to be a while before builders can catch up. Translation: Buying isn’t going to get cheaper anytime soon.