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.
Serving more than 50 of the 100 largest metro areas in the United States, independent sales associates affiliated with NRT distinguish themselves every day by creating exceptional real estate experiences for their customers and their communities. But don’t just take our word for it. In 2015, REAL Trends ranked NRT as the #1 Residential Real Estate Brokerage Company for an unprecedented 18th consecutive year. It’s an honor we’ve achieved by focusing on exceptional customer service and consistently putting our clients’ evolving real estate needs first.
Whether you measure our performance in terms of size, sales volume or number of transactions, the leadership of the companies and sales associates represented by ColdwellBankerHomes.com is driving innovation and delivering value to homebuyers and sellers. As a result, NRT’s growing presence includes more than 44,000 affiliated sales associates and 4,900 employees in 727 offices, all ready to serve you.
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"Client Feedback on Kristopher Monti
How fast did your agent respond to your questions: 5 out of 5
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How helpful was the support staff: 4 out of 5
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Your most memorable moment
His a good person and take serious moments and get you to smile. Kristopher is very detailed and very knowelgable of his job. I noticed he is always prepared and if he is unsure of an answer to a question he will get back to you the customer in minutes with the answer to your question. Very dependable and my wife and I are glad Kristopher helped us located a nice home. Could not ask for a better person in your team.