The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
Last week I commented on a story about the new reality of appraisals – that more and more often current valuations of properties are jeopardizing deals because the appraisal comes back for less than the agreed upon price. Now, another hindrance to the recovery of the real estate market has arisen. Mortgage interest rates have increased and are at their highest since last November. While rates are still low by historic standards, the increased amount of interest tends to increase the monthly payments to an amount high enough to disrupt deals. As fears of inflation continue to grow, it’s likely that interest rates will stay high or get higher. Of course, if potential buyers adopt the view that interest rates will only rise, that might be enough motivation to jump into the market and cause an increase in sales.
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