We have all heard the good news about the housing market and the stock market. Consumers are feeling more confident now that the economy is finally showing stronger signs of improvement. That’s great, however, where do we go from here? Well, the other side of the good news could in fact be more costly for future homebuyers. Since the beginning of May, I have noticed that the 30 year fixed rate mortgage, by far the most popular, has climbed nearly 1/2 % point. Although that may not sound like very much, over the term of the loan it can cost a homebuyer thousands of dollars. When the Fed chairman indicates that record low interest rates are nearing an end, I think it’s time to pay attention.
