Survey: Higher Rates Don’t Scare Buyers

Daily Real Estate News | Despite mortgage rates being on the rise home buyers say the increases aren’t scaring them away from their real estate search, according to a new Redfin survey.

Though mortgage rates have moved higher, borrowers on the whole are still appreciating how low they are historically and are taking advantage of the opportunities still at hand before rates move any higher. Despite nine consecutive weeks of rises in mortgage rates, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016 – the lowest annual average ever recorded by Freddie Mac.

Twenty-five percent of respondents say the rise in rates does not impact their home buying decisions, and about 24 percent say they feel a greater sense of urgency to buy before rates go up further.

Survey: Higher Rates Don’t Scare Buyers

Daily Real Estate News | Despite mortgage rates being on the rise home buyers say the increases aren’t scaring them away from their real estate search, according to a new Redfin survey.

Though mortgage rates have moved higher, borrowers on the whole are still appreciating how low they are historically and are taking advantage of the opportunities still at hand before rates move any higher. Despite nine consecutive weeks of rises in mortgage rates, the annual average for the 30-year fixed-rate mortgage was 3.65 percent in 2016 – the lowest annual average ever recorded by Freddie Mac.

Twenty-five percent of respondents say the rise in rates does not impact their home buying decisions, and about 24 percent say they feel a greater sense of urgency to buy before rates go up further.

First Increase in over a Decade as FHFA Announces New Loan Limits

FHFA.gov | The Federal Housing Finance Agency announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase.

As of Jan. 1, households will be able to get larger FHA loans for their home purchase. In high-cost areas borrowers will be able to get loans as high as $636,150, almost $11,000 more than what they were able to get in 2016. In low-cost areas, they’ll be able to get loans for up to $275,665. That’s up from $271,050.