Home prices are inching higher and mortgage rates are expected to soon follow, and more potential home buyers are weighing whether to jump in now or risk paying more by purchasing a house later, The New York Times reports. Salt Lake City-Ogden. UT Average List Prices
Home prices are rising rapidly in some areas, particularly the Sunbelt states. The 30-year fixed-rate mortgage is expected to also move from its 3.5 percent average to above 4 percent some time later this year, some economists say.
For buyers who are able to qualify for financing, “getting in a little earlier would be preferable before prices and rates rise too much,” says Lawrence Yun, chief economist for the National Association of REALTORS®.
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