Rising Mortgage Rates May Cause Homebuyers More than Just Headaches
Approximately 59% of current homeowners wish they better understood the details of their mortgage, but new homebuyers may not even have that luxury if they don't settle on a home in the immediate future. According to Bankrate.com, mortgage interest rates reached a new high at the end of 2016.
As of December 21 2016, the national rate for a 30-year, fixed-rate mortgage was 4.17%, which marks one of the highest interest rates for 2016. According to sales figures from the Northern Arizona Multiple Listing Service, that interest could accumulate into more than most homeowners could handle.
The 4.17% interest rate from December 2016 marks a 7% increase from the rate in November 2015. Lisa Paffrath, owner and broker of Grand View North Realty, reported that interest rates on mortgages have...