Interest rates are still below 4%, which might give some buyers that false sense of hope that the rates aren’t going to rise and therefore they might still be teetering as to whether to buy now or wait until next year.
Freddie Mac, MBA and NAR are all predicting that for 2016 interest rates will increase by three-quarters of a percentage point, costing you more to pay back your loan.
As a buyer, this can lesson your buying power, in other words, what you can afford will decrease. As a seller, it affects you too – it can shrink your buyer pool.
No one has a crystal ball and can predict the future, so act now while you can see clearly.