Mortgage rates have been low – really low – for a long time. As expected, that will not be the case this year, as rates are expected to increase during the year. The forecast is for rates to exceed 4% very soon and perhaps reach nearly 4.5% by year end.
These increases have a dramatic impact on home buying power, as illustrated below:
Infographic courtesy of KCM.
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About the Author: Michael
Michael, along with his wife Laura, is co-owner of Maine Home Connection, an independent real estate company located in Portland. Maine. Together they started the brokerage from scratch with a new vision of what a company could look like if it focused completely on the needs of our clients and our agents.
