“History suggests that interest rate increases at the level recently witnessed will not stop the current housing recovery,” the report said. Take a look below for the article on how higher mortgage rates won't hurt recovery.
If history is any indication, the recent spike in mortgage rates is going to have little to no impact on home prices, according to a new report from Fannie Mae. After looking at mortgage rates going back to 1990, Fannie Mae’s researchers came to the surprising conclusion that while rising rates were likely to hurt the number of home sales, they had virtually no impact on home prices.
As you can see from the graph below that even though rates are climbing - we are still in good shape compared to mortgage rate history. Make sure that you don't loose the opportunity to lock in these rates before it climbs up again. Please contact us for your mortgage rates.
If you are concerned about mortgage rates rising take a look at the video provided by CNN Money below: