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Small Price and Rate Changes Make a Big Difference for Homebuyers

Wednesday, January 9, 2019

As home sales have slowed, attention has shifted to the subject of affordability.  The combination of rising home prices and higher interest rates is blamed by many as the cause of the lagging sales. The National Association of Home Builders (NAHB) has just published a study which attempts to estimate the approximate effect of each increase in prices and each uptick in mortgage rates means in terms of how many households can afford to buy a new home.  The study relies on mortgagee qualification criteria. NAHB's latest estimates show that nationally, a $1,000 increase in the price of a median-priced new home (using the national figure of $355,183) will price 127,560 U.S. households out of the market. 

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"We recently had the opportunity to work with Kim at Midwest Family Lending to purchase a home. The people at Midwest were courteous and friendly. The housing loan was handled in a professional manner. The people were fast and competent. My husband and I had been through some hard times and did not believe that we could get funding for a home. Traditional banks had turned us down, refusing to even work with us. Kim at Midwest Family Lending not only looked at us, but did get us the loan for a home that we can now call our own. We are referring any friends, acquaintances to Kim at Midwest Family for home loans. Thank you for all your help."
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