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Clark Howard: Mortgage squeeze

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Updated: 10/02/2013 8:58 am
JACKSONVILLE, Fla. -- There's been a lot of people wringing their hands about how mortgage interest rates moved up a great deal in just a few short months. Interest rates moving up about a full interest rate point means the same price home effectively costs you much more per month because of those higher interest rates.

So if you're in the market to buy a home, this is all bad news for you. I know this is crazy, but not necessarily. Because when interest rates were really low, people jumped into the market and they were bidding the cost of the homes up in so much of the country.

Now that interest rates are up, people are being more careful about looking at homes and more homes are available on the market. So
what you can actually negotiate to buy a home is more favorable.

Yes the interest rates are higher. But, by historical standard interest rates in the four-percentage range on a 30-year fixed rate loan are unbelievably low. Don't let it pass you by.

For more information, go to ClarkHoward.com.

Watch Clark Howard weekday mornings on Action News
This Morning on FOX30 beginning at 7 a.m.
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