Rising mortgage rates are top concern for homebuyers
Housing prices are high, the supply of homes is low and credit is tight. But the No. 1 concern for potential home buyers is rising mortgage rates, according to a recent online survey by real estate research firm Trulia.
More than 40 percent of people who plan to eventually buy a home said they were worried about rising rates, followed by rising home prices and low inventory. Among those homeowners who were planning to buy a home within the next year, inventory just edged out rising rates, the survey said.
The 30-year fixed rate touched 4.5 percent last week, according to data from Freddie Mac, and there appears to be no turning back, economists say. If rates rise too fast, they have the potential to hurt the housing recovery by pricing buyers out of the market.
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