WHAT RISING INTEREST RATES MEAN FOR BUYERS

Rising interest rates are inevitably tied to the real estate market - specifically for potential buyers. "Every time the interest rates go up, a group of people are eliminated who can no longer afford to buy a house" says Don Frommeyer, a mortgage broker at Marine Bank in Indianapolis. He continued, "some people may have to rent for a period of time until they can make more money - or buy a smaller house." 

In a recent article found on realtor.org, advice given to buyers is to speed up their home search this spring, as interest rates are forecasted to move higher in the coming months. Mortgage levels are at their highest in 4 years (4.46% last week) and they look to continue to rise - at least three more times this year. The rate increase could mean that more and more potential buyers simply put their home ownership dreams on hold until the rates come down. 

If you're looking to get out of that rental and in to a home - NOW is the best time! 

(realtor.org)