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Now is a great time to buy a home before interest rates increase

The real estate market continue to see an increasing demand from buyers in Las Vegas. Since mortgages had very low interest rates for many years everyone assumed rates would stay low for the unforeseeable future. Now that the U.S. economy has healed and is growing at an average pace the Federal Reserve has promised that interest rate increases will begin soon from them to banks. The Federal Reserve also stopped buying mortgage backed securities a few months back which was keeping interest rates low. Now that only typical investors are buying mortgage back securities they demand more of a premium for their risk. This had been causing interest rates to rise over the past few months and buyers are coming out in herds to beat the higher interest rates and payments.

If you are looking to buy a home in Las Vegas, Summerlin, Henderson, or North Las Vegas in the near future; it is a great time to buy now. Mortgage rates will continue to increase in the coming months which in turn will cause higher payments over the life of the loan. Many buyers could easily save $20,000-$40,000 in interest over the life of a 30-year loan by having a lower interest rate.

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