It’s hard to believe that when mortgage rates start to head higher that more buyers will head into the market to purchase a home or condo in Las Vegas. This is because we has seen record low interest rates for a while now and buyers may be under the impression that they are here to stay. However as the rates begin to creep up buyers start to lose more buying power since the payment increases as interest rates rise. Psychologically we are geared to want the best mortgage rates so buyers start to feel stressed and their sense of urgency increases to not miss the historically low interest rates.
Our articles on mortgage rates
Fortune magazine also wrote about Why higher mortgage rates will help the housing market.
see also why mortgage rates will help housing will be the driver of the US economy in 2013.
Check out payments by using a mortgage calculator to review different scenarios.