Why you should buy a house when rates are HIGH

Warren Buffett, a great quote that makes me feel good as a mortgage broker. He thinks that the 30-year fixed rate mortgage is one of the best financial instruments ever created. And it's simple if you think about it. The bank is never going to call you and say, "Hey, we're going to refinance on our side because we're looking to get a higher interest rate for your loan. " Nobody's calling on your 2021 loan and saying, "Hey, you're at 3%, but since rates are currently around six, we want to refinance you to 6%, have you pay more? " They can't do that. You're locked in. But on the flip side, if you bought something in 2023 and 24 and you got a 7 and a half% rate, you got a great deal because the market was slower and not as many people were offering with those higher interest rates, you call the bank, you call your mortgage broker, you go to mtmg. com and we say, "Yeah, rates are at about 6%. Let's refinance you into a lower interest rate. " It doesn't change what you paid. It doesn't change the great deal you got and the seller credit you got. You can always refinance to better terms. So, if you buy today at 6 and a half and they go to five and a quarter, great. In two years, you refinance. What you don't want to do is pass up on the deal at 6. 5% where you can buy the house for 1. 5 million. Rates go to five and a quarter and now people can afford more and they're able to pay 1. 8 for that same house. Right? You cannot refinance a purchase