Home prices are inching higher and mortgage rates are expected to soon follow, and more potential home buyers are weighing whether to jump in now or risk paying more by purchasing a house later, The New York Times reports.
Home prices are rising rapidly in some areas, particularly the Sunbelt states. The 30-year fixed-rate mortgage is expected to also move from its 3.5 percent average to above 4 percent some time later this year, some economists say.
For buyers who are able to qualify for financing, “getting in a little earlier would be preferable before prices and rates rise too much,” says Lawrence Yun, chief economist for the National Association of REALTORS®.
Also creating a rush for some, the Federal Housing Administration will raise mortgage insurance premiums on its loans by up to 0.10 percent of the loan amount as of April 1. “To avoid a higher premium, borrowers would need to apply and obtain a case number before then,” The New York Times reports.
But with housing inventories so tight in many areas, some buyers may want to wait until more homes come on the market. Buyers may need to make a trade-off: Act now to get the best financial deal or wait for more homes to come on to the market but risk paying a bit more, Yun told The New York Times.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/03/26/buyers-feel-urgency-price-appreciation
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