Mortgage rates, while down over the past two weeks, have trended higher since the election of President-elect Donald Trump. In December, the Federal Reserve made its first and last interest rate hike for 2016, but left the industry with the notion that 3 more could be on the way for 2017.
For some, the rise in interest rates means higher profits for the first quarter of 2017, but for those looking to buy a home, it could mean higher payments or smaller homes. MarketWatch used data gathered from the National Association of Realtors (NAR) to show the top 5 counties where homebuyers will see the greatest change if interest rates increase to 5%, as NAR estimates they will over the next two years. Here are the differences that an interest rate increase to 5% could cause on the payments of a median home price.
For the full MarketWatch report, click here.