Just How High Will Mortgage Interest Rates Rise—and How Fast? A Reality Check for Homebuyers Today

 In Design, Education, Home Improvement, Interior Design, Lifestyle

If you’re shopping for a new home now or are hoping to this spring, you probably feel your heart racing a little. The word is out: Mortgage interest rates are on the rise.

This means for the same size loan (and house), borrowers will have to pay a higher monthly mortgage bill every month. And that’s prompting many homebuyers to feel as if they need to hurry up and find a house, ASAP.

“Buyers are hyperaware that interest rates are climbing,” says Steve Clark, a real estate agent at Compass in Southern California. “They know it’s important to purchase a home quickly.”

This panic is further intensified by the rising cost of real estate due to low housing inventory. The median home price nationwide is hovering 10% higher than a year earlier, at $375,000.

Read More at Realtor.com

 

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