One of our lenders came into our morning sales meeting this week. He shared with us that the Federal Reserve is expected to raise rates next week. On top of that, they are planning for 2 more increases before the end of 2017. In the past few months, mortgage rates have increased 0.5%. Let's do some quick math, shall we?
.5% increase means if you were qualified to purchase a $220,000 home a couple months ago, your current approval price would now be closer to $210,000. Interest rates REALLY matter!
In addition, Utah's housing market is predicted to continue rising for the next few years because we currently have way more buyers than homes available. Yes, homes are expensive but it also means that they are not predicted to get any cheaper in the foreseeable future. Now is an excellent time to buy your first home or to upgrade your existing home before the rates rise! Call me today and let's chat about what the Utah market means for you.