09/17/2026
A little perspective from someone who has been in the mortgage business for 40 years…
I started originating mortgages in January 1986, when mortgage rates had finally dropped back into the single digits.
Since then, I’ve lived through ARM markets, the Savings & Loan crisis, the mortgage crisis of 2008, the Great Recession, 2%–3% mortgage rates, and now higher rates again.
So I have to smile when I see mortgage loan officers—some of whom weren’t even born when I originated my first loan—posting:
“OH MY GOD! Mortgage rates are over 7%!”
And, of course, everybody has a new “strategy” to solve the problem.
Here’s what 40 years in this business has taught me:
Nobody is giving you a lower interest rate for free.
Not the seller. Not the lender. Not the builder.
Temporary buydowns, discount points and seller concessions can all be excellent tools. I use them when they make sense. But somebody is paying for that benefit somewhere in the transaction.
My job isn't to sell you a “strategy.” My job is to show you what it costs, what it saves you, and whether the math makes sense for YOU.
And one important point about the Fed:
When the Federal Reserve changes the Fed Funds Rate, it does NOT mean 30-year mortgage rates automatically change by the same amount. Mortgage rates are influenced heavily by the bond market and broader expectations about inflation and the economy.
People bought homes when mortgage rates were 7%, 8%, 9% and 10%. They bought homes when rates were well into the double digits in the 1980s.
Why?
Because life doesn't wait for the perfect interest rate.
People get married. Have babies. Get divorced. Change jobs. Need more room. Downsize. Retire. And they still need somewhere to live.
Those 2% and 3% mortgage rates were wonderful—but historically, they were the exception, not the norm.
After 40 years, this is the advice I keep coming back to:
Don't buy a house because you're afraid rates will go up.
Don't refuse to buy a house because you're waiting for rates to go down.
Buy when you find the right house, the payment is comfortable, and the numbers make sense for your financial situation.
If rates eventually drop enough to make refinancing worthwhile, we'll refinance.
There is no magic mortgage. There are choices. And good advice helps you make the right choice for you.
40 years later, that's still my job.
