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: 1,106 About Sue: ...
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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.