Mortgage rates have been low – really low – for a long time. As expected, that will not be the case this year, as rates are expected to increase during the year. The forecast is for rates to exceed 4% very soon and perhaps reach nearly 4.5% by year end.
These increases have a dramatic impact on home buying power, as illustrated below:
Infographic courtesy of KCM.
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About the Author: Michael
Michael Sosnowski is co-owner and marketing director of Maine Home Connection, the independent boutique brokerage he founded with Laura in Portland, Maine in 2003. He leads MHC's marketing strategy, digital presence, and content operations — focused on building the kind of local expertise that no algorithm can replicate.
