PHOENIX — A Valley real estate expert said the recent boost in mortgage interest rates isn’t slowing the home-buying market.
The interest rate boost is actually working in the buyer’s favor, according to Dean Wegner with Guaranteed Rate. He said for the past couple of years sellers held all the cards, picking from multiple offers. This interest rate boost levels the playing field.
“Buyers will have more flexibility negotiating with an easier close of escrow, you won’t get bullied by other buyers or their agents,” he said.
And to potential home buyers who are frightened off by a 5 percent mortgage rate, Wegner said rentals come with a 100 percent interest rate.
Wegner said the rate hike to almost 5 percent prevented a possible housing bubble because seeing home prices jump 20 percent year over year was unsustainable.
“We needed something to hit the brakes.”
Wegner said the interest rate boost will add about $150 each month to the mortgage on a $250,000 home and much of that is tax deductible.
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy