The home buying season is about to get under way, and it’s expected to be a busy one. Being the first one to buy home in spring season sounds too get and with less mortgage.Russ Whitney suggests these four factors that are likely to influence buyers.
Low Mortgage Rates
Mostly each of us know that the low-rate season is coming to end. forecasting that mortgage rates – currently around 4 percent for the 30-year fixed– will rise to 5 percent by the end of 2015.
It has been granted with a 1-percent rise but it’s a great motivator to get in and buy now. After all, a 1-percent increase in rates reduces affordability by a whopping 11 percent.
Russ says as it is designed to offer insights into homeowners’ and renters’ intentions,attitudes that concern the housing market, which is rather a forward-looking gauge of housing market health.
Confidence in the housing market is higher this year than it was last year and among homeowners as well as renters, many of whom are now rethinking their attitudes towards home ownership and are ultimately becoming more interested in buying.
Providing Rental affordability has ever been across the U.S., as its not enough new, affordable units to meet demand suggest Russ Whitney. Renters can expect to spend 30.1 percent of their income on rent, while home buyers can expect to spend about 15.3 percent of their monthly income on a mortgage payment.
It is being easy getting a mortgage than it was a year ago, where the markets are rapidly approaching pre-crisis credit conditions.
From Borrowers Point Of View:
The ones who were last year may be given eligibility for an FHA loan and thus are now being offered conventional loans with private mortgage insurance.
Real Estate Tips: Russ Whitney-Real Estate Trends Set for Spring Market.