As Mortgage Rates Continue Steady Climb, The first step buyers
The majority of these customers—nearly 74 percent—sought financing first in their home buying journey before looking at homes. For first-time buyers, that percentage jumps to 85 percent.
Home buyers reported more anxiety about the housing market and the tight inventories of homes for sale. Nearly 67 percent reported that finding the right home was not easy, followed by stresses over coordinating paperwork and the overall home loan experience.
Buyers described the home buying process most commonly as “time consuming” and “challenging.” Further, the time it takes to secure a mortgage was listed as a top stressor among the majority of buyers surveyed.
Mortgage Rates Hit 6-Week High With Housing Market at a Crossroad, Mortgage rates have risen 
for the third week in a row, according to the Primary Mortgage Market Survey from Freddie Mac.
for the third week in a row, according to the Primary Mortgage Market Survey from Freddie Mac.
According to the Survey, mortgage rates hit a high “not seen in over a month” last week.
According to Freddie Mac Chief Economist Sam Khater, these high mortgage rates, the highest since August 2, are due to a “one-two punch” from strong job and consumer credit growth.
“Mortgage rates are currently 0.82 percent higher than a year ago, which is the biggest year-over-year increase since May 2014.
However, mortgage rates will likely also move up, as the Federal Reserve considers short-term rate hikes this month and at future meetings.”
According to Danielle Hale, Chief Economist for Realtor.com, commented on Freddie mac’s data, noting that increasing rates may impact price growth.
“Looking forward, increasing mortgage rates will continue to erode home buying power and will undoubtedly contribute to a further slowdown in price growth,” said Hale.
“We have already seen a tapering in August which saw a 7 percent increase in median listing prices, down from 10 percent a year ago.”
Ok, so how do I get my dream home?
Getting a ready to sell or buy, doesn’t have to be a huge undertaking, but it’s one where details really matter. We realize the decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to sell or buy your home. If you prefer a more personal touch, CALL 801-809-9866 today.
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