Higher Interest Rates Are on the Way. Will They Drive Down Mortgage Biz?
Interest rates are always an issue when purchasing a home. This year, they may be an even bigger issue. “Mortgage brokers are telling buyers that rates are rising, and if they are planning on buying, they need to be doing it as soon as possible before rates go up,” says Linda McCoy, board president of National Association of Mortgage Brokers (NAMB). If you finance the purchase of a property, as opposed to paying for all of it with cash, a mortgage interest rate is what it costs you per month to finance your home/property. “Your interest rate is effectively the lender’s compensation for letting you use its money to purchase your property,” says Aly J. Yale in an article for…