The rising mortgage rates might finally lead to a slowdown in price growth. As some buyers temporarily drop out of the market, remaining buyers may expect to see lower asking prices.
Even if rates continue to rise, HousingWire.com predicts "some small shifts in the market, and a short window of opportunity for eager buyers."
According to Investopedia.com, as long as salary and economic growth continue, home buyers can expect some of the rising mortgage rates to be offset.
"From a historical standpoint, a 5% mortgage rate is still remarkably low. And a mortgage today with a fixed rate for the next 30 years is still considerably cheaper than historical comparisons," Freddie Mac reports.
The average 30-year fixed-rate mortgage in 1986 was 10.19%. In 1996, it was 7.81% and in 2006, it dropped to 6.41%. Then in 2009, the rate dipped to 5% and has remained historically low for more than a decade.
Potential home buyers should keep working on improving their credit scores. Savvy buyers will continually monitor their savings and spending to qualify for the best mortgage rate possible when it's time to buy.
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