Rates Up Again This Morning (9/25/23)

[Doug Smith]

Rates are spiking...again. As of 9:04am Eastern Time, the 10-Year Treasury, the rate that drives most mortgage rates, is up another 1.46%. We're now sitting at our 52-week high. Actually, we are at the highest point in 20+ years. I just pulled up our MLS stats and new listing figures. Sales are at a crawl. For those of us that did really well in Non-Performing Loans following the 2007-2008 crash, that time is coming again. For those that are about to panic and dump everything, I suggest looking at historical data..particularly the time of the last crash. It is true that real estate prices backed off by 19% from the tip top to the very bottom, but if you would have held the property and collected your rents for 6 years, your property would have been worth more than it was at that peek. Understand what is happening, why it's happening, prepare, and don't panic. It will be bumpy, but those of us that have seen this movie before can do well if we don't get stupid.