First Prices and Now Rates

The home values in Seattle have appreciated about 10% since last year. Now the other component to a successful home purchase, interest rates, has also taken a turn upward. This is a double edged sword. The good news is rates are still in the 3% range. Since we are all procrastinators by nature we will be experiencing more buyers realizing now is the time to buy. Remember the housing market drives the economy. A study conducted a few years back shows the average buyer spends about 3% of the purchase price on consumer goods. Usually when someone buys a home they also buy paint, carpet, furniture, appliances, roofs, furnaces, and the list goes on.

Check out the Bloomberg article at  US Mortgage Rates Increase for the First Time in 7 Weeks