News of substantial expected mortgage interest rate increases in 2017 may motivate buyers further to purchase while rates are low. Every 1% increase in interest rates equates to about a 10% reduction in purchasing price for the same monthly payment. So if you purchased a $600,000 home at 3.5% interest it would be about the same monthly payment as a $540,000 home at 4.5% interest.
The market quieted this Saint Patrick’s Day week as most neighborhoods saw a status quo result instead of the upward momentum we had been experiencing. Fewer homes available on the market was likely the primary cause of this stagnation.
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