In the market for home? Buy now before mortgage rates keep climbing

Sun Point Appraisals is a paid advertiser of ABC15

If lower payments matter to you, now is the time to buy! Mortgage rates are on the rise at nearly two-thirds higher than just last month says Realtor Angie Johnson.

While rates have been hovering under 4 percent for quite some time, they have recently been driven up by anticipation that the Federal Reserve will soon begin scaling back its more than generous bond-buying program.

The Angie & Paul Johnson Real Estate Team have been helping Arizonans for more than 14 years and contribute to an average of 400 real estate transactions Valley-wide, each month. Last year their company was named #1 in Closed Sales for the state of Arizona.

Angie says, "We have buyers who were pre-approved for a mortgage in May with a 3.75 percent mortgage but when we finally found the right home in June, the best deal they could find was 4.125 percent."

While that may seem small when you compound it with rising home prices it starts to price some buyers out of the market all-together.

For now at least, the overwhelming data is still pointing to a solid housing recovery says Paul Johnson, Certified Real Estate Appraiser with Sun Point Appraisals, Inc..

Housing values have seen double digit gains in Arizona and home builder confidence has reached a seven-year high. While pricing in the Valley is still much lower than the height of the market, it seems we're well on our way to improved home values.

Many Arizona residents are not aware that Arizona's expected nearly $2 billion from the 5 largest mortgage companies in the U.S. as settlement for numerous mortgage frauds, has finally arrived. This money is now being distributed throughout the Arizona economy, including the housing economy.

Angie Johnson says a portion of these has been set aside for a buyer's down payment assistance program that enables buyers who earn less than $88,000 in annual income to receive a 5 percent down payment on any primary home purchased in Maricopa County with a loan amount up to $300,000.

Sun Point Appraisals is a paid advertiser of ABC15

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