I never like to be the bearer of bad news, but it does look like the predictions of rising rates are coming true. We’ve been down in the low 4’s for quite some time now, making purchasing a home attainable for many more people. Payments between a 4 and 5 percent rate on a loan can be significant, and I have had many buyers both investors and first time buyers alike taking advantage.
The average interest rate on a 30 year loan is just above 4.8%, where we were around 4 just a couple of months ago. Low rates help investment numbers work better, makes payments lower for homeowners, and makes the whole dream of home ownership more attainable. Click here for more information on the rising rates from MSNBC.
If you or any of your friends or family need help in finding and buying a home to live in or as their next investment, click here and feel free to give me a call or an email. Have a great weekend!