Hat tip to daytrip for sending in this article from money.cnn.com.
San Diego real estate agent Jesse Zagorsky said one of his clients put in an offer on a home last Friday for $650,000, nearly $35,000 more than the home’s listing price.
Over the weekend, the buyer received a new rate that was more than a half a percentage point higher. They came back on Monday and reduced their offer by $15,000.
“The sellers said, ‘We’re very disappointed — but we’ll take it,'” said Zagorsky.