For the first time since October, the 30-year fixed mortgage rate rised above 5 percent last week. Experts predict the rate will continue to inch up over the next few weeks.
Currently, a prospective buyer who takes out a 30-year mortgage loan can expect to pay approximately $50 more per month (based on purchasing a $170,000 home with a 20 percent down payment) compared to October, when rates stood at 4.2 percent.
Despite the jump in rates, relatively low home prices indicate that affordability will continue to remain high for some time.
For more information on real estate market trends in Lafayette Indiana and West Lafayette Indiana or surrounding communites, contact The Romanski Group with Keller Williams Realty Lafayette today at 765-404-5095 / erin@romanskigroup.com! Visit us online to see homes in the MLS at www.RomanskiGroup.com!
Source: REALTOR® Magazine | Full Article
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