In 2016, interest rates began to rise and are expected to keep rising in 2017. To most, this sounds like the end to any hope of buying a home; but according to some economists, interests rates are not expected to rise quickly and therefore should not be a road block for anyone who is ready to buy.
The average interest rates for the last decade have been around 5% and, currently at about 4.13%, economists say we have quite a ways to go before even reaching average. Although higher interest rates can make borrowing harder and, in return, lower buyers budgets, the worst that will happen is lower the competition in the sellers market. The market right now has very little inventory and a lot of people looking to buy. Some say an increase in interest rates may take away the demand for properties that has not been able to be met.
This article explains the way this could work and why rising interest rates may not destroy the market. Take a look and discover that you may still be able to find the home of your dreams!