Interest Rates Inch UP

Interest rates are definitely starting to creep up the last few days. A 30 year fixed with 1 point is almost 5.9% today. Most people might think that this would cool down the real estate market. But from our experience, this might just spark another growth cycle. You see, it's all about buyer's psychology. People will start to believe that if they don't get into the market "now", they'll have to pay more. If all goes right, we shouldn't see a dramatic change in real estate in Portland though the winter months are just around the corner. Typically, November and December are the low seasons for the home buying market. With this interest rate increase, we shall see the true effect.