With mortgage rates above the 5% mark and prices still at all-time highs, home buyers face new challenges this summer.
But that was even before this year's big jump in mortgage rates, which suddenly lowered the amount they could comfortably afford to spend.But then rates surged from 4 to 5%, and briefly to 6 percent, adding hundreds of dollars to their monthly payment. Agents say when mortgage rates hit 5 percent this year, they immediately started to see some buyers drop out of the market, primarily people who had based their purchase on 3 and 4 percent rates.
"It is giving people a little bit more of a chance to get out there and get more of a selection," she said."You have a little more time," she said."It is not as hectic."Nathan Grant of MoneyTips.com says you can't control mortgage rates.He says, however, there are factors you can control, such as:"Let's say we got the home, and we were hoping to refinance a year later," he said.
Denver refusing to build high density housing is the real problem. We need to repeal minimum setback and parking requirements. And rezone everything for mixed-use
And by 'soared' the Biased Media means it's still lower than in 2008 before the Republican Recession of 2008. Mortgage Rates have been higher than 5% for decades. SMH, be better hire a real reporter
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