Source: Realtor —
As mortgage rates inch upwards (you can see the lowest mortgage rates you may qualify for here) and home prices keep climbing, many aspiring buyers are wondering: What should I know about the housing market now? So—as part of our series where we ask prominent economists about the housing market—we talked to Dr. Lawrence Yun, who has been the chief economist at the National Association of Realtors since 2008, and its senior economist from 2000-2008. He oversees a range of research at the organization, including forecasts, existing home sales statistics, the affordability index and home buyers and sellers profile report. Here are his thoughts.
Buyers need to rerun numbers as mortgage rates rise
With mortgage rates steadily inching upwards, Yun recommends that buyers rerun numbers as mortgage rates move higher. “The monthly mortgage payment may be more than what the buyer initially thought,” says Yun. As such, a buyer may want to revisit their budget and calculate sales prices and current mortgage rates to make sure they can actually afford and close on the home they’re considering. (See the lowest mortgage rates you may qualify for here.)