If you have been following trends in Florida real estate, then you have noticed that mortgage rates have crept up in these past few weeks. Put aside the negative thoughts of “higher rates make home ownership more expensive” or that they have the potential to damage the housing recovery, and start focusing on the silver linings. Yes, there are silver linings to rising mortgage rates.
First, rising rates are often a sign of a national economic recovery. Consumer confidence is rebounding and so is their ability to pay higher interest rates on their Northwest Florida home. Additionally, these rates have the potential to spark competition once again which could result in relaxed lending standards and less refinancing.
Let us also keep in mind that interest rates are still at historic lows. The higher rates coupled with rising prices could just be considered incentive for you to “get off the fence” and finally purchase real estate on the Emerald Coast before prices rise any higher.
For more local market trend information, check out the other RE/MAX Southern Broker’s Northwest Florida real estate blog.