Mortgage Interest Rates Increase Unlikely to Dramatically Affect Homebuyers

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December 16, 2015

Even considering a raise in interest rates, Americans are more concerned about finding an affordable home and saving for a down payment. A Zillow survey found that potential buyers said they are more likely to alter their plans, rather than forgo buying a house altogether.

Nearly half (47 percent) of home shoppers currently looking for a house said that an increase would make them reconsider options. Of that group, only 31 percent total said they would possibly delay a home purchase; 17 percent said they would try to find a home in a more affordable area. 

Meanwhile, 29 percent of respondents said that finding an affordable home was the top factor in the ability to buy a house. Only 14 percent said rising interest rates were a top factor.

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