{"id":857,"date":"2017-02-21T12:31:35","date_gmt":"2017-02-21T12:31:35","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/with-mortgage-rates-on-the-rise-is-it-time-to-worry\/"},"modified":"2021-09-01T16:05:41","modified_gmt":"2021-09-01T16:05:41","slug":"with-mortgage-rates-on-the-rise-is-it-time-to-worry","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/with-mortgage-rates-on-the-rise-is-it-time-to-worry\/","title":{"rendered":"With Mortgage Rates on the Rise: Is It Time to Worry?"},"content":{"rendered":"

\"Mortgage<\/p>\n

Mortgage rates can also affect sellers who are wishing to place their home on the market. While you want to obtain the most money for your home at closing .\u00a0\u00a0<\/span><\/h2>\n
\n

Unless you\u2019re one of the fortunate few who plan on using cash to purchase a home, you need to stay aware with what\u2019s going on with the mortgage<\/a> industry. Mortgage rates are indeed on the rise. But the good news is that they are still at record lows. Although they probably won\u2019t stay at this level forever, you want to determine how the increasing rates may affect your future in the housing<\/a> industry.<\/span><\/p>\n

Rushing to Purchase a Home<\/strong><\/span><\/h2>\n

As rates begin to climb, those in the market for a new home typically rush out to purchase a dwelling. But most housing experts advise against this sudden yearning. Buying a home is a major investment, and you don\u2019t want to make a mistake by purchasing something that you don\u2019t want. <\/span><\/p>\n

There should be a number of factors that go into your decision besides the interest rate. If you need to relocate, move up to something larger or downsize, then it\u2019s probably a good time to start looking. <\/span><\/p>\n

Putting a Home on the Market to Sell<\/strong><\/span><\/h2>\n

Mortgage rates<\/strong> can also affect sellers who are wishing to place their home on the market. While you want to obtain the most money for your home at closing, you need to set a realistic price when listing<\/a> your house. A seasoned real estate<\/a> agent will be able to determine the right amount based on properties that are currently listed and those that have sold. <\/span><\/p>\n

High mortgage rates may hinder the amount of buyers looking. But those who really need to buy a home will do so no matter the interest rate. You can do your part by giving your home the right curb appeal. Maintain a healthy lawn by having it seasonally aerated, fertilized, and treated to prevent diseases. A fresh coat of paint<\/a> can freshen up your home\u2019s indoor appearance. Make any necessary repairs right away before they become too problematic. <\/span><\/p>\n

Current Loan Payments<\/strong><\/span><\/h2>\n

High mortgage rates probably won\u2019t be life-altering for most home owners. To see some kind of effect, the rates would have to hit beyond 9 percent before it becomes less costly to rent than purchase a home in many of today\u2019s markets. But if you think you may need to buy a home in the next five years, there are ways to score a low interest rate. Programs such as an adjustable rate mortgage are low at the initial stages and rise after the fourth and fifth year. <\/span><\/p>\n

High Interest Rates and Home Pricing<\/strong><\/span><\/h2>\n

If you\u2019re looking to purchase a home<\/a> when the interest rates are on the rise, you may not have a lot of competition. If you like a certain home, you may not have to worry about a lot of other bids on a dwelling. With a decrease in other buyers, you may get the sellers down even lower on their home price<\/a>. But if the competition in a certain market is fierce, and the inventory is limited, the price of homes could still be high. <\/span><\/p>\n

Interest Increases in the Future<\/strong><\/span><\/h2>\n

The Magic 8 Ball can\u2019t foretell the future when it comes to mortgage rates. But experts in the housing industry see signs that there are additionalrates increases by years end. However, the amount that they continue to climb will be minimal. If you\u2019re concerned about the rate increase, the people most affected will be those who are already stretched to their budgetary limits. If you have a sizeable down payment and stay within the figures that you can afford, the mortgage rates shouldn\u2019t be too cumbersome. <\/span><\/p>\n

The rise in mortgage rates has proved worrisome for both buyer and seller. To avoid the worry that comes with the housing changes, you want to shop around for the best rate. If you no longer qualify for traditional methods because of the booming rates, just keep looking until you find the right mortgage lender<\/a> you wish to work with.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates can also affect sellers who are wishing to place their home on the market. … With Mortgage Rates on the Rise: Is It Time to Worry?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":858,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[724],"tags":[695,4751,1403,15239,625,205,1294,1293,12908,543,127,617,344,15258,9488,1329,408,1295,1292,258,1007,41,84,385,61],"class_list":["post-857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-agent","tag-amazing","tag-buy","tag-chase","tag-down-payment","tag-estate-agent","tag-high-mortgage","tag-high-mortgage-rates","tag-home","tag-home-buying-guide","tag-homes","tag-house","tag-housing","tag-indeed","tag-interest-rates","tag-loan","tag-mortgage","tag-mortgage-rate","tag-mortgage-rates","tag-new-home","tag-owners","tag-property","tag-real-estate","tag-real-estate-agent","tag-seller"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/house.jpg?fit=500%2C332&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10190,"url":"https:\/\/amazingproperty.com.ng\/blog\/key-u-s-mortgage-statistics\/","url_meta":{"origin":857,"position":0},"title":"See The Key U.S. mortgage statistics","author":"Amazing Property","date":"June 9, 2020","format":false,"excerpt":"\u00a0 Welcome to this page today . It\u2019s always a good idea to keep an eye on the U.S. real estate market, remembering how the 2007-2009 housing bubble originated from there. Every real estate investor, buyer, or seller should be acquainted with the Key US mortgage statistics\u00a0\u00a0 , in 2016\u2026","rel":"","context":"In "Mortgage"","block_context":{"text":"Mortgage","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/mortgage\/"},"img":{"alt_text":"US mortgage statistics","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/06\/US-mortgage-statistics.jpg?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/06\/US-mortgage-statistics.jpg?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/06\/US-mortgage-statistics.jpg?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2020\/06\/US-mortgage-statistics.jpg?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2015,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-advice-use-mortgage-broker-agent-referred\/","url_meta":{"origin":857,"position":1},"title":"Mortgage Advice: Should You Use the Mortgage Broker Your Agent Referred?","author":"Amazing Property","date":"March 17, 2017","format":false,"excerpt":"\u00a0 Mortgage Brokers are often referred business by real estate agents and have long-standing relationships with them. \u00a0Like most professionals within a service industry, they also specialize in a specific type of program like USDA or FHA programs which should arise from their experience in past transactions using that loan\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage Broker","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/shutterstock_274686614.jpg?fit=1000%2C668&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/shutterstock_274686614.jpg?fit=1000%2C668&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/shutterstock_274686614.jpg?fit=1000%2C668&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/shutterstock_274686614.jpg?fit=1000%2C668&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":651,"url":"https:\/\/amazingproperty.com.ng\/blog\/uncertainty-plagues-the-housing-market\/","url_meta":{"origin":857,"position":2},"title":"Uncertainty Plagues the Housing Market","author":"Amazing Property","date":"February 6, 2017","format":false,"excerpt":"[ad_1] The prospect for growth in the housing market in 2017 remains solid, but that said, some anxiety may taper growth somewhat this year, according to Freddie Mac\u2019s latest 2017 Outlook report on the housing market. Read more: Uncertain Times Are No Match for Seasoned Agents \u201cWe must grapple with\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1145,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-sluggish-heading-into-spring\/","url_meta":{"origin":857,"position":3},"title":"Loan Demand Sluggish Heading Into Spring","author":"Amazing Property","date":"February 22, 2017","format":false,"excerpt":"[ad_1] As real estate heads into its busy spring season, consumers aren't showing typically large demand for mortgage loans just yet. Total mortgage application volume, which includes refinances and home purchases, dropped 2 percent week over week for the week ending Feb. 17, the Mortgage Bankers Association reports. Total mortgage\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8269,"url":"https:\/\/amazingproperty.com.ng\/blog\/5-mortgage-rates-arent-scaring-buyers\/","url_meta":{"origin":857,"position":4},"title":"5% Mortgage Rates Aren\u2019t Scaring Buyers","author":"Amazing Property","date":"February 13, 2018","format":false,"excerpt":"Mortgage rates are inching higher, and most home buyers seem unfazed by it. Only 6 percent of prospective home buyers recently surveyed said they would stop their home search if mortgage rates rose above 5 percent, according to a new survey released by the real estate brokerage Redfin of more\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Redfin Mortgage Rates.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Redfin_mortgage-rates.png?fit=844%2C585&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1940,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-this-spring-the-early-bird-wins\/","url_meta":{"origin":857,"position":5},"title":"Real Estate This Spring: The Early Bird Wins","author":"Amazing Property","date":"March 14, 2017","format":false,"excerpt":"Entering real estate\u2019s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=857"}],"version-history":[{"count":2,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/857\/revisions"}],"predecessor-version":[{"id":92896,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/857\/revisions\/92896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/858"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}