The short answer to this persistent question is, “Nobody knows.” This statement comes from Edward Seller, Associate Vice President for Housing Economics at the Mortgage Bankers Association.
So, where does that leave the everyday Homebuyer with rents soaring faster and steeper than mortgages? One Redfin Realtor said that she hears people are more worried about the stock market, rather than mortgage rates because they believe housing will be a better investment. Many Buyers see that the time is right for going all-out in bidding for scarce housing right now before it gets worse.
This anxiety regarding the unpredictability of rising rates explains the reason the housing market has not cooled yet and explains the surge in Buyers trying to get ahead of those higher rates now.
But do you keep getting turned away by other Lenders? Sun Pacific Mortgage has the answer with our Private Money loan programs: home or land purchases, refinancing, and bridge loans for business or commercial purposes. We have hundreds of Real Estate Investors who can finance your housing loans even if you do not qualify for conventional lending. Even poor credit, bankruptcy and less-than-perfect properties are not show-stoppers for our mortgage qualifications. Give us a call at 707-523-2099 or visit our website at www.sunpacificmortgage.com to discover a possible road to homeownership for you in these unpredictable times.