The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.
There are some people who have not purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless, you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying: