Mortgage rates have soared from 3% to over 5% in the past year, putting a new home out of the reach of some buyers. But that could be good news if you are house hunting, agents say.
With mortgage rates above the 5% mark and prices still at all-time highs, home buyers face new challenges this summer.
But that was even before this year's big jump in mortgage rates, which suddenly lowered the amount they could comfortably afford to spend.But then rates surged from 4 to 5%, and briefly to 6 percent, adding hundreds of dollars to their monthly payment. Agents say when mortgage rates hit 5 percent this year, they immediately started to see some buyers drop out of the market, primarily people who had based their purchase on 3 and 4 percent rates.
"It is giving people a little bit more of a chance to get out there and get more of a selection," she said."You have a little more time," she said."It is not as hectic."Nathan Grant of MoneyTips.com says you can't control mortgage rates.He says, however, there are factors you can control, such as:"Let's say we got the home, and we were hoping to refinance a year later," he said.
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