Mortgage rates are on the rise, leading many to jump into the home buying market sooner rather than later. Rates have risen again to over 5%, a full percentage point higher than they were two months ago.
Still, these rates are bargain basement compared to how they were just a few years ago. Many home buyers who have been waiting or making a prolonged decision should reconsider; most likely the mortgage rates will continue to rise resulting in a higher necessary down payment and obviously monthly payments.
New home buyers may find themselves frustrated since many spend years saving for the down payment, but 5% now is better than 7% six months from now.
Since this trend is most likely to continue, those considering purchasing real estate should accelerate their plans.
Nice, interesting and easy reading Article. How do you think then the estate business going up after the economical crisis?