Mortgage Trends: What to Expect

By
Real Estate Agent with Long and Foster Real Estate, Richmond Virginia 022 600 969 6 Virginia
https://activerain.com/droplet/57pN

Image from Long & Foster|Christie's 2017 Richmond Region Market Report

 

According to The Washington Post, “Rising home prices and mortgage rates are likely to cause a bigger slowdown in the housing market.”

Excerpt from "Mortgage rates, applications stall as housing market stumbles"|Sept. 28

 

While mortgage rates haven’t seen a drastic increase over the past year, it's traditional to see another hike in the fall. Additionally, "The Fed did keep a final rate increase on the table for 2017 and stated a target of at least three rate hikes for 2018," also reported from The Washington Post. 

 

The good news is:

  •  "While the Federal Reserve's rate hike could make home buying more expensive, house hunters shouldn't start panicking yet," according to CNN Money. "Rates are still relatively low, and many experts don't expect them to rise above 5% this year."
  • Appreciation is increasing annually on your property value faster than it has in years on The Mortgage Report. "Assuming this holds true in your location, a $200,000 house today would cost $211,400 next year.

Graphic from "Housing and Mortgage Trends: Buying a Home Won't Get Easier"|July 28

 

  • Mortgage rates are actually down from a 4.21 percent high earlier in 2017. 

 

 

 

 

Posted by

WandaFears, Realtor ABR CRS GRI WCR

Richmond, Va. Long and Foster Realtors

www.wandafears.com
wanda@wandafears.com


804-909-2777

www.facebook.com/wandafears

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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
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Wanda Fears Thanks for the very good report on latest mortgage trends.

Oct 02, 2017 03:22 PM #1
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Wanda Fears

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