Higher rates put small dent in housing

Jul 22, 2013
7/22/13 Wall Street Journal

” Over the past two months, mortgage rates have jumped by a full percentage point; this has only happened twice since 1994, an article in The Wall Street Journal said.

However, rates could rise to 6% or prices could rise an additional 20% before housing would become unaffordable relative to historical levels, the article noted.

But even though rates are low historically, they still will put a larger dent in borrowers’ budgets. A $200,000 home with a 10% down payment soared more than $100 a month, while the cost of a $450,000 home increased by $250, the article explained.  ”

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