Mortgage Rates
Michele Silverman Bedell talks about what mortgage rates can mean for you and your home buying expereince.
Mortgage rates are a hot topic today and definitely impact what the buyer's can afford.
Recently in the last few months rates have flucuated between to 6 and 7% for a 30 year term and 5.76% for a 15 year term. Mr. Yun, chief economist for NAR, predicts mortgage rate will likely all closer to 6% as inflation declines. Rent prices are predicted to fall as well. As rates drop, mortgage applications increase and buyers feel more confident to enter the market.
