You want to beat the rising cost of homes and increasing interest rates by buying a home soon — but are you going to be able to get a mortgage?
The latest Case-Shiller housing data shows prices have gone up a little over 12% in just a year, and the National Association of Realtors’ latest numbers are even more optimistic, showing a nearly 14% year-over-year increase. Meanwhile, the rate for a 30-year mortgage has shot up by more than a percentage point in the past three months and is now hovering a bit over 4.5%.
Of course, those home prices haven’t rebounded to anything close to their pre-recession peak in most markets, and interest rates are still low by historical standards, so if you’re thinking of buying a home sometime in the future, doing so sooner rather than later might make economic sense.
Read Martha C White’s full article at Time Business & Money.