Recent publications show that purchasing a home has become less affordable. What this means is that a house you could purchase a couple of months ago is unaffordable today. This affordability erosion is due to the recent appreciation of house prices. The reports also show salaries increasing and interest rates decreasing slightly over the past couple of months. However, the higher wages and lower rates were not enough to offset the increased home prices.
Looking further into the future, home prices are predicted to continue to keep rising at a moderate pace. In addition, as the economy recovers future salaries are also expected to increase. The main factor that is going to affect future affordability is mortgage interest rates. It is widely expected that interest rates will be 1% higher by the end of 2010 and 3% higher in total over the next 2 to 3 years. This outlook for interest rates only has one outcome and that is for affordability to continue to go down.
So if you are looking to purchase a home, do not wait! You may no longer have the ability to afford your dream home if you do not act soon. Please contact us today to take your first step to purchase your new home.
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Any questions at all about mortgage financing please refer to our newly designed website at www.yourmortgagecontact.com or call us today. In addition please let your family and friends know about Your Mortgage Contact. We appreciate all referrals and everyone always receives personalized service. Please contact Betty at 403-532-3927, e-mail bsaskiw_prolink@telus.net, Kevin at 403-589-3021, kevsas@telus.net or at our updated website: www.yourmortgagecontact.com
Sincerely,
Betty Saskiw, AMP
Mortgage Associate
&
Kevin Saskiw, CFA
Mortgage Assistant
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