Low Interest Rates Not Good for Selling
When mortgage rates fell below 4 percent in 2011 and dropped to a record low of 3.3 percent in 2012, many people purchased new homes or refinanced their existing homes. Good news at the time, but bad news for the future of selling.
Current rates – while still historically low – are back up over 4 percent and are expected to rise again later this year. Anyone with a sub-4 percent interest rate currently would end up paying more for a house of the same price if they ended up moving this year.
Image via flickr/muffet