Home mortgage rates increased to their highest level of the year in April, to between 7 and 7.5 percent. With little movement from the U.S. Federal Reserve, scarce inventory, and rising prices, purchases continue to be tough for those venturing into the home market this year. Some observers, however, are concerned that buyers tired of waiting for economic factors to change are diving in with little thought to their long-term financial health.
“My customers now seem to be OK with a $3,500 mortgage payment. The demo is strange, though. We’re not talking about doctors. The buyers are pushing the envelope to the nth degree of their finances,” Matthew Hennessey, a mortgage broker and sales manager with Axia Home Loans in Las Vegas, told The Epoch Times.
