Posts from April 2018
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Landing the right house in a tough market for homebuyers
By SARAH SKIDMORE SELL
From Associated Press
April 18, 2018 12:19 PM EST
It's tough out there for would-be homeowners.
They're facing rising mortgage rates, higher home prices and a shortage of available houses in many markets. Plus, recent changes to the tax law do them no favors.
So what can a potential homebuyer do?
GET PERSPECTIVE
Higher mortgage rates may feel like salt in the wound for those shopping in tight markets.
Rates have been rising since late last year. The average rate on a 30-year, fixed-rate mortgage hit a high of 4.45 percent last month. That's its highest since 2014, but still well below where it's been historically.
"The fours are not a terrible place to be," said Skylar Olsen, director of economic research at Zillow.
So what does this cost the homebuyer?
If the median home price in the US is $225,264, then over the life of a 30-year loan at 4.5 percent you'd pay $148,506 in interest. At 5 percent,...
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