Buyers’ Top Concern Is Rising Mortgage Rates

Prospective home buyers are most concerned about rising mortgage rates, followed by escalating home prices and low inventory, according to a recent Trulia survey. More than 40 percent of people who plan to eventually buy a home cited climbing interest, although available supply edged out higher rates as a concern for those planning a purchase within the next year. Still, more than half of would-be home buyers said they would be discouraged from entering the market if rates rose to 6 percent. Trulia chief economist Jed Kolko said the increase in mortgage rates is a reasonable concern, considering people have grown accustomed to them being below 4 percent; however, he said they should focus more on credit. “Low mortgage rates don’t do much good if you can’t get a mortgage,” he said. | Read More