Image from Long & Foster|Christie's 2017 Richmond Region Market Report
According to The Washington Post, “Rising home prices and mortgage rates are likely to cause a bigger slowdown in the housing market.”
Excerpt from "Mortgage rates, applications stall as housing market stumbles"|Sept. 28
While mortgage rates haven’t seen a drastic increase over the past year, it's traditional to see another hike in the fall. Additionally, "The Fed did keep a final rate increase on the table for 2017 and stated a target of at least three rate hikes for 2018," also reported from The Washington Post.
The good news is:
- "While the Federal Reserve's rate hike could make home buying more expensive, house hunters shouldn't start panicking yet," according to CNN Money. "Rates are still relatively low, and many experts don't expect them to rise above 5% this year."
- Appreciation is increasing annually on your property value faster than it has in years on The Mortgage Report. "Assuming this holds true in your location, a $200,000 house today would cost $211,400 next year.
Graphic from "Housing and Mortgage Trends: Buying a Home Won't Get Easier"|July 28
- Mortgage rates are actually down from a 4.21 percent high earlier in 2017.
WandaFears, Realtor ABR CRS GRI WCR
Richmond, Va. Long and Foster Realtors