UF Study Highlights Interest Rate Concerns in Florida Real Estate Market
Published September 12th, 2013
GAINESVILLE-Buying a home is becoming a pricier investment thanks to rising interest rates.
A second quarter review conducted by the University of Florida found the general outlook for investments has declined for the first time in two years.
That's because of a jump in mortgage interest rates.
Some experts believe those rates are only going to move higher.
Current mortgage interest rates in the state of Florida are at 4.7 percent.
Compared to two months ago when interest rates were 3 .4 percent.
While the increase is dramatic, the rates are still reasonable.
Director for the Center of Real Estate Studies, Tim Becker, "Well I don't wanna say the rates are bad you still have historically low interest rates, but if you're in the market to buy, find something you want to buy because as rates goes up, your buying power goes down."
Tim Becker tells TV20 that a political stalemate over raising the debt ceiling and funding the government also could affect how much the government is willing to invest in the marketplace.
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