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The end of 2016 has been full of speculation on what to expect from the real estate market in the next year--and we've been reading a lot of interesting perspectives. Here are a few of our favorites from this week:
We started to see mortgage rates increase this month, creeping about 4 percent for the first time in years. This week continued on that trend with mortgage rates continuing to increase, averaging 4.13 percent this month according to Reuters.
Rising mortgage rates are likely going to be a topic of conversation for the next year. The Mortgage Bankers Association predicts that the rate on 30-year fixed mortgages will be 4.4% in 2017--and more people tried to take advantage of lower rates in November. The Chicago Tribune reported that there was a 12 percent increase in mortgage applications for both new and existing homes in November.
So, what have local markets been seeing? We got some insight into how these recent market changes are affecting a local market. Great Colorado Homes in Colorado Springs, Colo. reports a robust real estate market with homes selling faster and for more money this year November than last November.