Morning Minute: Interest rates edge up but housing affordability still high

Mortgage interest rates have been moving up in recent weeks, but they are still historically low, making now a good time to buy, home builders say.

“You go back to the 70′s, you had 8 and a quarter money which was good money. In the 80′s it was 18% money. Here we are today with 4 1/2% money on a 30 year mortgage it’s unbelievably low,” Pekin-area builder David Whitehurst told WHOI-TV.

In other headlines:

Home price gains bring sellers off the sidelines – Pantagraph (via Associated Press)

First-time buyers losing out as home sales rise – USA Today

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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.