Mortgage rates are inching up, currently hovering around 5%. According to a CNNmoney.com report, interest rates at 5% don’t affect home buyers. While 5% is still low, and would only add slightly to a monthly mortgage, a continued increase in rates will affect the amount of home a buyer can purchase.
Other posts that discuss mortgage rates include:
Mortgage Rates – How An Increase In Rates Affects Your Purchasing Power
Fannie Mae and Freddie Mac Increasing Interest Rates and Fees
The Difference between Cost vs. Price