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As you may have heard, interest rates recently increased by 0.25%. How will this affect mortgages across the board? It really won't have a large effect. The media is really preying off this and making it seem like a huge downturn in affordability is going to happen.
However, I don't see rates getting any lower in the future. This is why if you've been on the fence about buying a home, you should make moves to purchase one in 2016. The longer you wait, the more you'll end up paying for a home. If you act now, you can save thousands of dollars in interest payments over the years.
Overall you shouldn't be worried about a massive drop-off in affordability. This increase will happen slowly, but it will surely happen. For sellers - now may be a good time to capture some last-minute demand as buyers purchase when affordability is highest. You can bank on this increase if you price your home attractively.
As always, if you need help buying or selling a home, please don't hesitate to contact me!
