The average consumer is predicting that there will be much higher mortagage rates in 2017, but this does not keep them from buying a new home. Higher rental rates are making the relative cost of owning a new home lower each day.
3-In-5 Consumers Now Predict Higher Mortgage Rates In 2017
Most recent National Housing Survey, 60 percent of consumers think the era of rates in the 3s is firmly in the past. The survey, which covers 1,000 households, measures changing consumer attitudes toward mortgages and housing nationwide.Attitudes have shifted surprisingly since a few months ago. In October 2016, “only” half of… Read more at The Mortgage Reports
Economists forecasts that mortgage rates will continue to go up in 2017, just one of the trends that suggest that this year will be a challenging year for people who will be purchasing homes.
Higher mortgage rates seen in 2017
Smoke predicts mortgage rates will reach 4.5 percent in 2017. Other economists expect rates to remain above 4 percent but not to go beyond 5 percent this year. That range would mean mortgage rates that would be low compared with the past decade. Average long-term mortgage rates were above 6 percent during the height of the last housing boom, and they hadn’t hit 5 percent before 2008. So someone looking to buy a home in the… Read more at Business Mirror
HOW THE FED’s INTEREST RATE INCREASE CAN AFFECT YOU 2017
Because the rate has been close to zero since 2008, as part of the Fed’s strategy to bring the nation out of a recession, there’s hardly anywhere for it to go but up. As the economy improves and President-elect Donald J. Trump unveils his stimulus package, economists expect rates to rise steadily over a period of years… Watch here