When Will Rising Rates Affect Homeowners?
ByNEW event in SoCal! Meet the people leading the sector at RealShare Industrial West. The Westin Long Beach, January 19-20. Room block available.
Gardner: “The bottom line is that rates are going to continue to rise, but the increases will be slow.”
ORANGE COUNTY, CA—For the present, there will be no effect on current homeowners from rising interest rates, but over the longer term mortgage payments may increase, Windermere Real Estate’s chief economist Matthew Gardner tells GlobeSt.com. We spoke exclusively with Gardner about the timeline of the Fed hike’s impact on this sector, how it might affect those thinking of selling their homes and the effect it could have on the housing stock.
GlobeSt.com: What impact will rising interest rates have on current homeowners in Orange County?
Gardner: For the present, there will be next to no effect. This is because the recent increase in rates has already been priced into mortgage rates. Over the longer term, however, homeowners should expect to see rates rise by .5% from their present levels…
