Equifax: Lock in Low Rates Now, Mortgages Expected to Keep Climbing
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A recent Equifax Finance blog article, “
Buying a Home? What’s Happening in Today’s Real Estate Market” updates home buyers on the current market trends – perfect for those still seeking Atlanta real estate! The article cites industry experts Amy Crews Cutts, chief economist for Equifax, Steve Cook, former vice president of public affairs for the National Association of Realtors and Ilyce Glink, real estate author and radio host.
Buying a home is one of the biggest financial decisions you will ever make and yet there are so many unknowns about the future of the market that it can feel like a gamble. What’s going to happen to real estate prices? Mortgage interest rates? Should you act now or wait?
Mortgage rates are low, but on the rise: Cutts discussed interest rates, which are still relatively low, but have been slowly rising and predicted to rise even further. How much they’ll rise and how fast is not known, but Cutts says we are “years off from seeing interest rates rise to 6 percent” while rates are not predicted to go any lower. Bottom line: If you can get a low interest rate, lock it in now.
Home prices are being impacted by seasonal demand and inventory: According to Cook, many markets in the U.S. have a tight inventory of homes available for buyers. Some parts of the country are even seeing bidding wars. Home prices are up; buyers wanting to get into a home over summer are willing to pay more to make it happen. More homes will be available for buyers in the fall and winter months, forcing sellers to price their homes more competitively in those months. This is good news for buyers; as more homes will be on the market and those homes will be more affordable.
Get the full scoop in the article on the
Equifax Finance blog and while you’re there, browse the wealth of articles on a wide range of personal finance topics from real estate to taxes to retirement and more!