Interest Rates Are On The Rise - Who more do you need to hear it from?
By Alex and Deirdre Silberman
(Keller Williams)
The Wall Street Journal has been saying it, the NY Times has been saying it, I’ve been saying it, and only a few consumers are hearing it.Many self described ‘savvy’ buyers that are waiting for the spring market to get into full swing will be surprised to learn that their dream home just got much more expensive. Just today interest rates in my local market crept to 5.375%, which is a 3/8% difference from two weeks ago. What does this mean? On a $400K mortgage for 30 years, that house just got $32,000 more expensive!What will happen to those buyers that are on the fence? The cost of sitting will get costlier, and it that dream home will be much more difficult to afford. Some economists are predicting more than a 2% rise in interest rates. Personally, I think that’s a doomsday scenario f...
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