After this initial surge in refi demand that is artificially inflating mortgage rates I think we will see sub 3% on 30 year fixed rates for primary residences.

Please don't insult our intelligence.

Some are and others are very intelligent and know the time and value of money.If they only have so much time to work with clients and one wants a needle in a haystack for a small payday it doesn't make sense to take that business if you have larger deals where a bunch of property is available.It's just like an investor who does a flip on a house.

The truth is that the offer was artificially inflated.

He's intelligent and has good charisma. 

I personally don't see why rates can't stay artificially low and suppressed by the Fed for decades to come, seeing as even the government is addicted to cheap money, and can't afford a rate hike on their massive debt, and the Fed is deathly scared of housing crashes, and inflating our money into oblivion is part of their plan.

There are intelligent and dumb ways to make money or lose money in any market.For example, if you want to continue to make money as a real estate agent, I would think that Memphis is just about the last place you would want to move ... same amount of work to sell a home as CA, but the commission check would be 1/10th.

Artificially low interest rates and super low supply of homes is what is driving the market up. 

I like so many others read Rich Dad and discovered regrettably later than I would like, the value of financial intelligence.

Forget 10% and 15% - - it all depends on the location and the property.I ran a 6-plex for 19yr (see profile) and made lots of ROI that was less than your artificial goals.