Mortgage rates rise again, but shouldn’t affect home buying
Mortgage Rates Could Rise Again. in Daily Dose. realtor.com has found the impact of higher home prices has so far dwarfed the impact of. New-home sales decline in January to three-month low New Home Sales Fall to 5-Month Low..
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Everywhere you turn lately, radio, TV, internet, you see and hear about "Interest Rates on the Rise", it tends to be quite unsettling to those in the market for a home and those who could benefit from a mortgage refinance.Let’s not forget, higher interest rates do not just apply to mortgage loans, they also can affect credit cards, variable rate debts and car loans to name a few areas.
Interest rates are going up again in 2018. The U.S. central bank raised short-term interest rates three times in 2017, thanks in part to low unemployment figures, aided by decent growth in gross domestic product. Expect that trend to continue. Next year should see three more 0.25 percent rate hikes, according to experts surveyed by Bankrate,
As you might guess, you can buy less as rates rise.That followed March’s sales pace of 723,000 units, which was the highest level since October 2007. April’s decline came after three straight monthly increases. economists polled by Reuters had forecast new home sales, which account for about 10% of housing market sales , would decrease 2.8% to a pace of 675,000 units in April.
Rising mortgage rates mean higher payments, and that impacts home affordability. But the relationship is more complicated than that, and the news may not be as bad as you think.
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People on the move: Dec. 21 U.K. house price growth stays subdued as Brexit woes persist U.K. house-price growth stayed subdued in April in a sign the delay to Brexit failed to reinvigorate the market, according to Nationwide Building Society. However, a shortage of homes, record employment and low interest rates are preventing a Klitzka, David Lohman and Chris Song have received the Agency Hands in the Community Award for their community volunteer work. The Allstate Foundation will donate $500 each to the Rocky Mountain Children’s Law Center, Down to Earth Ministries and the Sheppart Art Institute and World Culture Center.
But let’s say rates rise to 5.5%. Still a great rate, but 1% higher than you planned. Now you are limited to a purchase price of $265,000, again assuming 20% down. That’s a 10.17% reduction in buying power and $30,000 shaved off your maximum purchase price.
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