Chandler Homes have been selling quite well and are in line with the surge being seen across the housing market in the United States. Many experts were worried when the mortgage loan rates rose last month and were worried that this would stall the sell of Chandler Homes. According to the founder of the Troy Reeves Team, Troy Reeves, the rise in rates has not discouraged Chandler Homes buyers.
What’s Going On With Chandler Homes Mortgage Rates?
Recovery in the Chandler Homes and country wide housing market began early last year and has been improving steadily since. Some issues do however pose a risk to a full recovery to pre-recession strength. The latest concerns has been the sudden jump in mortgage loan rates which has gone up by a full percentage from two months ago. Rates started out at 3.59% in the beginning of May and jumped to 4.68% in the first two weeks of the month of July. Rates are the highest they’ve been at in two years. Experts still highlight that even if you bought Chandler Homes at a 4.5% to 5% loan rate, you’d still have an affordable rate as compared to historical rate standards. Regardless, the rate spike did come as a payment shock to those looking to buy or refinance loans on Chandler Homes.
Unexpected Purchases of Chandler Homes Despite Rate Hike
Although one might expect that this rate hike would discourage Chandler Homes buyers, many agents are actually reporting the opposite. The rate hike seems to have spurred purchases by people who have already decided they wanted to buy Chandler Homes. Although this scenario is rare, the rising rates have people wanting to buy more, not less. The sudden rise has people concerned that more elevation in rates is inevitable and that they had better buy now before payments come with even more interest in the future.
What If Rates Continue to Rise?
The housing market has actually been a really strong area in the recovering economy, although it remains somewhat unpredictable. More rate hikes could possibly trigger action by the Federal Reserve in order to keep this industry heading in the right direction. Further rises could really put the buyer’s to the test when it comes to their willingness to pay above asking price for housing.