Last week, anarticlein theWashington Postdiscussed a new ‘threat’ homebuyers will soon be facing: higher mortgage rates. The article revealed:
“The Mortgage Bankers Association expects that rates on 30-year loans could reach 4.8 percent by the end of next year, topping 5 percent in 2017. Rates haven’t been that high since the recession.”
How can this impact the housing market?
The article reported that recent analysis fromRealtor.comfound that -
“…as many as 7% of people who applied for a mortgage during the first half of the year would have had trouble qualifying if rates rose by half a percentage point.”
This doesn’t necessarily mean that those buyers negatively impacted by a rate increase would not purchase a home. However, it would mean that they would either need to come up with substantially more cash for a down payment or settle for a lesser priced home.
Below is a table showing how a jump in mortgage interest rates would impact the purchasing power of a prospective buyer on a $300,000 home.
If you are considering a home purchase (either as a first time buyer or move-up buyer), purchasing sooner rather than later may make more sense from a pure financial outlook.
Author:Sue Fox Phone: 630-699-5111 Dated: December 1st 2015 Views: 1,100 About Sue: ...
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At Realty Executives Premiere, we find that providing outstanding services for our buyers includes combining superb area and market knowledge with experience you can trust. For buyers looking for homes or other real estate here in Wheaton or other surrounding communities in DuPage County, IL, we will work with you to find your ideal home through the employment of a wide array of resources. From free online access to search every home in our market to our dream home finder form, we will make sure all your real estate buying needs are met for all Wheaton, Glen Ellyn, Winfield, Warrenville, West Chicago, and Lombard, area homes. In addition, once we've narrowed down your search to the ideal real estate you are looking for, we can begin the home showing process so you can get a closer look at the homes that should be a good fit for you. Once this has taken place, we will utilize our outstanding negotiating skills in order for you to receive the best possible price for your new property.
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here are some homeowners that have been waiting for months to get a pr
"“I love the “family” atmosphere at the Premiere office, and I have been given the freedom to truly run my own business - even as I enjoy the support, technologies, and Broker counsel of our Realty Executives brand. The strong name recognition of this company in the western suburbs gave me the strong start that I needed.”
This is a perfect business model for team-building and collaborative efforts. I will be forever thankful that I have been able to team up with the best in the business.