A new report shows that the U.S. economy is improving and almost 300,000 jobs have been created. Because of these new jobs, there is likely to be a spike in home sales and mortgage rates will likely raise above 4%. The chief economist at Realtor.com, Jonathan Smoke, states, “We should see continuing strong demand for housing in the months ahead if today’s strong jobs report reflects a true return back to a strong growth trend we’ve seen over the last few years.” Since employment numbers are greater, there has been an increase in home purchases. This will also impact the mortgage rates, which have been already increasing.
Robert R. Johnson, the CEO of The American College of Financial Services, says, “This development is not good news for people looking to take out mortgage debt in the near future. Once the Fed starts raising rates, interest rates throughout the economy, including mortgage rates, auto loan rates and other loan rates will trend upward. I believe that anyone thinking about refinancing a mortgage or buying a home and taking out an initial mortgage should not wait, as rates will rise.”
Now is the time to buy to take advantage of the currently low rates. If you’re interested in purchasing Scottsdale Real Estate, contact me at (602) 791-0536 or email Carmen@TopScottsdaleHomes.com. I would be more than happy to help you find your next Scottsdale home.
Carmen Brodeur JD
Trillium Properties, LLC
Cell (602) 791-0536