Univest Mortgage Banking President Ed Hughes says now is a good time to buy a home for two reasons. “Rates are low, home prices are low, with the best affordability rate we’ve seen in years.”
He says mortgage interest rates will start rising sooner than you might think.
“They’ll go up in advance of things actually getting better because all of these things tend to be baked into the market, and interest rates tend to be a predictor of what’s happening in the future, so as people start seeing signs that there are improvements in the economy you’ll start seeing interest rates ratchet up, and we’ve seen some of that already compared to where mortgage rates were just six months ago.”
Hughes says home buyers still need a better comfort level regarding their own employment, but the jobless rate has started declining, and the foreclosure rate should start going down in the next few months, which could help to push prices up. So someone with a good job and good credit has a big selection, low rates and low prices right now. He appeared Tuesday on the WNPV talk program “Comment Please by Univest.”