Partner Ron Brown Hydrick and the Struggle, in Arapahoe County, Colorado, was looking for a new primary residence that would be less expensive to maintain than the one he lived in. When he found a 3,000-square-foot townhouse he wanted to buy in September, the mortgage interest rate was significantly higher than they were a year ago. September 15th, Freddie Mac announced The average 30-year fixed-rate mortgage rate that week topped 6% for the first time since 2008.
To avoid rising interest rates, Brown, 56, said he bought a three-bedroom house in Littleton, Colorado, for $965,000 in cash. To access the capital needed for the purchase, he used his personal savings and secured a loan against his stock holdings to receive an adjustable interest rate of the Federal Fund’s rate plus his 2.25% margin. rice field. The Federal Funds target rate on Nov. 7 is 3.75% to 4%.