Wednesday, July 24, 2013

Mortgage Rates Are On The Rise But It’s No Big Deal

For the first time in a long time, the nation is buzzing over mortgage rates - and it’s not because they’re dropping to new lows. On the contrary, mortgage rates shot up well over 4 percent. Mortgage rates have been kept artificially low for a long time, and we all knew they had to go up at some point. The truth is rising mortgage rates are no big deal, and home financing is still incredibly affordable at today’s rates. So before you toss aside your dream of becoming a homeowner, just because rates aren’t the lowest they’ve been in the history of mortgage rates, remember that previous generations of homebuyers financed property at double-digit rates and did just fine. Today’s homebuyers are still poised to achieve the American Dream at a price we may never see again. As long as you’re realistic about your ability to buy and what you can afford, rising rates should have little impact on your decision to go through with a purchase. Full Article 

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