Mortgage rates are poised to rise over the next two years. A good reason to seriously consider buying a home now!
“The era of super-low mortgage rates is over and consumers will face higher interest rates over the next two years,” says Lawrence Yun, chief economist of the National Association of REALTORS®. “Another rate hike by the Fed is almost certain before year’s end, along with three further rounds of increases in 2019. These interest rate increases are occurring for good reason: an improving economy. Therefore, home sales should hold steady as the opposing forces of higher rates and more jobs neutralize each other. Home price growth will surely slow, however, as higher interest rates limit the stretching of the homebuyers’ budget.”