Economy Rockford: Rising Interest Rates Equal Tough Times

Mortgage expert Dave Adkins says the current five and half percent rate is making it unaffordable for many to buy, but for those who are looking for a loan or a Re-Fi, Adkins says property values are hindering their acceptance.
Adkins also states that if many of us only had one mortgage, signing off wouldn’t be an issue, however since the majority of people carry two loans, oftentimes with different lenders, it makes the process difficult. This being said, Adkins does not believe the overall rise in rates will choke recovery efforts.

Your credit score, loan to value ratio and weather a home is owner-occupied can all impact the pricing of a mortgage.

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