Spoiler, it's just my opinion....and you may not like it.
A really fast post would just let you know I think it was about time. But, to continue with my thought process it was imperative.
We have had amazing rates for several years while the housing market worked at getting on it's feet again. I appreciated that many people were able to buy homes. However, with the values continuing to climb and the economy looking healthier, raising rates is a necessary evil.
Necessary to maintain affordability in the cost of a home. It keeps the market from staying a sellers market. It gets wanna-be's off their tush and into a purchase contract.
The interest rates are likely going to continue a slow climb, per the information we are all reading. Whether the home price climbs or the interest rate climbs, the home is going to cost the same for a buyer. I do NOT want another inflated home pricing situation like we had a decade ago, do you?
So, IMHO, I am happy to put a little ceiling on increased pricing on homes with a little interest rate hike. And this is from a person that has a property she is upside down on.
Feel free to post your opinions too!
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