If you are thinking about buying a house, then now is the time.
In the past month we have seen interest rates make the inevitable increase we have been hoping wouldn’t come. With the uncertainty of how high and and quickly rates will rise, the recent projections from Freddie Mac of 30 year mortgage rates to be at 4.6 to 4.7 by the end of this year is bearable. This will likely slow the price increases we have seen this year but will not put the housing recovery at a standstill.
“We won’t know the immediate impact on the pop in mortgage rates for another couple of months,” said Freddie Mac Chief Economist Frank Nothaft. “However, we don’t expect them to stall the housing recovery because demand is strong, supply is limited and housing affordability remains strong in most markets for most families.”
With these rate increases, new and used home sales are still expected to increase 2% through the remainder of the…
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