In the week ended after the 2016 Presidential Elections, "the average rate on the 30-year fixed-rate loan jumped to 3.94 percent from 3.57 percent the previous week, mortgage company Freddie Mac reported."
What does this mean for you?
- Once the Market has stabilized to a new equilibrium point prices will also adjust to a lower price.
- Many new buyers will enter the market.
This is a good sign and not something that you should take lightly this is the first increase in mortgage rates since 2012. Many millennials are faced with high rental rates and have been waiting to purchase their first home when prices fall, this is the time to gather your life savings and invest.