Are Interest Rates on Your Side? What Fort Wayne Buyers Should Know
Market Update · From Moving Fort Wayne
Are Interest Rates on Your Side? What Fort Wayne Buyers Should Know
Interest rates are one of the hottest topics in real estate right now. At the time of this Moving Fort Wayne episode, rates had dipped close to 6 percent, about the lowest in several years, after climbing over 7 percent in 2023. Host Brad Noll brings in Brock Noye, one of the newest advisors at Noll Team Real Estate, to break some myths and talk about what his clients are actually experiencing.
Brad is quick to point out that the episode reflects the market as it stood when they recorded. The bigger lessons, though, apply no matter where rates go next.
Meet Brock Noye
Brock grew up in Auburn, graduated from DeKalb High School, spent a year at IPFW, and finished his degree at Indiana University in Bloomington. He hoped to become an athletic director. When that path did not work out, he realized how much he loved homes. Marriage brought him back to Fort Wayne, and he spent time in logistics and then financial advising before telling his wife, a little over two and a half years ago, that real estate was what he had to do.
When Brock first reached out to Brad about joining the team, Brad told him honestly that the team was not set up to train brand new agents and encouraged him to get experience elsewhere first. Brad kept watching. When they reconnected months later, Brock told him he had sold about 25 homes. Brad notes the average Realtor in the market sells four to eight homes a year. Brock calls joining the Noll Team the best decision of his life outside of getting married.
“I heard a quote at church a few months back that said, your future opportunities are your today's responsibilities.”
Brock Noye
Life Happens, Whatever Rates Are Doing
Brad makes a simple point. "I've never met anybody that says, I'm going to wait to get married until interest rates are favorable," he says. Life events come first, and then people make decisions based on their budget and what rates are doing. Brock agrees. He never tells a client that now is the best time just because rates are dropping. That would be transactional, he says, not relational. Instead he starts by asking about the client's current situation and timing, a habit of curiosity he credits to teammate Trevor Day.
Brock's clients right now include first-time buyers, move-up buyers, and people who have hit their peak and want less space to take care of. His background in financial advising helps him have honest conversations about budgets, because without a clear budget, buyers rarely feel confident. Brad adds a warning about the home search portals. Browsing is addictive, and the estimated payments online often do not match what a loan officer will actually find.
How Lower Rates Change Buying Power
Brad shares a few talking points on affordability. A 1 percent drop in rates can mean tens of thousands of dollars in borrowing power. Someone who qualifies for a $250,000 home might be able to go up to around $275,000, depending on down payment and real estate taxes. Or, at the same price, they might save about $150 to $200 a month. That extra room could mean another bedroom, a garage, a nicer neighborhood, or a home they can stay in longer, which is one of the best ways to build wealth.
He also clears up a few misconceptions about rates:
- Your rate depends on your debt-to-income ratio and credit score, not just the headline number.
- Loan length matters. Brad says buyers can find rates closer to 5 percent on 15 or 20 year loans.
- A good rule of thumb is to wait for rates to move at least a full percentage point before refinancing.
- National headlines can be misleading. One article claimed mortgage applications were down, but three local lenders Brad called that morning all said purchase applications were up.
Fort Wayne Is Growing
Brad can only speak to Fort Wayne, and the local picture is strong. Over the last 30 years, he says, the U.S. population grew 35 percent while Fort Wayne grew 58 percent. More people are moving in than leaving, which puts pressure on supply. That is one reason cornfields on the southwest, northwest, and northeast sides are turning into housing developments. At the same time, he says annual real estate transactions are at a 30 year low, which is also pushing prices up a little.
Brock adds that every segment behaves differently. Among newer homes in the $350,000 to $450,000 range, he is seeing more inventory and pickier buyers, while the $200,000 to $300,000 range is a different market. Brad notes that even neighborhoods within the same school district can perform very differently, and younger couples often lean toward newer homes that need less work.
Brock also shares the story of clients who are downsizing. After years of building a real estate portfolio, including lake properties they ran as short-term rentals, they are ready to simplify so they can spend more time with their grandchild. Brad calls it moving from "I have to" to "I get to."
Why Getting in the Game Builds Wealth
Brad expects appreciation of about 3 to 5 percent a year in Fort Wayne for the next several years. Using the math from an earlier episode with Tiffany Ham, a buyer who puts 5 percent down on a $250,000 home could gain about $40,000 over five years, roughly a 300 percent return on the down payment. He also shares advice from a friend in Colorado: when appreciation prices buyers out of the home they want, help them buy a condo so they can still participate. "Get in the game," Brad says. He is not against renting, but he believes there is a time and place for it.
What Should Buyers Do When Rates Drop?
Brock's answer is to get pre-approved. Buyers who expect a lifestyle change in the next three months to a year should start the conversation now. Without a pre-approval, someone can fall in love with a $300,000 home only to learn they qualify for $250,000. He shares a line he heard at church: "Your future opportunities are your today's responsibilities."
Brad says his family puts it another way: preparation creates separation. Headlines will keep shifting like a shell game, but buyers who prepare, have financial conversations, and get their house in order will be ready. Brad also calls Brock's greatest strength his listening. "I believe that the best advisors are the best listeners," he says.
▶ Listen to the full episode
Are Interest Rates Finally On Your Side?, on Moving Fort Wayne.
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