Reblogged from Housing Wire – Trey Garrison
Rates would need to rise more than 2% to make a difference
When and if the Federal Reserve will raise interest rates — which would push mortgage rates higher — is still open for debate. The Fed has two more chances to raise rates this year, in the October or December meeting of the Federal Open Market Committee.
Low rates in part helped push mortgage applications to a surge last week, and rates have held steadily below 4% for 11 weeks. Now, Selma Hepp, chief economist at Trulia, argues that it would take a really big increase for homebuyers to care that much.
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