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Are Rising Rates Slowing Lancaster Co.,PA's Market ?

Reblogger
Real Estate Agent with KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 AB067316

 

 

I found this article interesting, but in my opinion rates will

have to go much higher before they have impact on the

market. 

 

Don Hess

KW Elite
Keller Williams Realty
1280 Plaza Blvd.
Lancaster, PA 17601
717-553-2500 Office
717-715-6288 Mobile
717-786-7967 Direct
donhess39@gmail.com 
activerain.com/dfh
Original content by Michael J. Perry

What Are the Experts Saying about Mortgage Rates?

What Are the Experts Saying about Mortgage Rates? | MyKCM

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:

Laurie Goodman, Co-director of the Urban Institute’s Housing Finance Policy Center:

“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.”

Scott Anderson, Chief Economist for Bank of the West:

“The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for housing should allow the housing market to weather the storm of gradually rising interest rates.”

Ivy Zelman in her latest “Z” Report:

“Although we strongly believe that the housing supply-demand imbalance for single-family homes will continue to drive above-average home price appreciation, just as falling mortgage rates aided pricing power on the margin in recent months, we expect the opposite effect to become evident in the coming months. As such, we project year-end home price inflation of 4.8% for 2017 and 4.1% for 2018.”

Bob Walters, President & COO of retail mortgage lender Quicken Loans:

“A modest increase in mortgage rates won’t have much of an effect on home purchases. A buyer may need to slightly re-evaluate which homes they can afford, but it’s not likely to make an impact on qualifying, in most cases.”

First American Chief Economist Mark Fleming:

"Our survey data shows that mortgage rates would have to be significantly higher to have any meaningful impact. The house buying power that borrowers have, even with rates below five percent, still remains historically strong."

Buyers , your first step is obtaining Mortgage Pre-Approval  ! Email  mikeperrykw@gmail.com  to learn more !

 

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Don Hess

Keller Williams of Central PA East, Lancaster Office

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Comments (1)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Higher Rates longterm erode Purchasing Power ! So far so good !!!

Mar 24, 2017 12:30 PM