Federal Reserve increases interest rates, so what does that mean - Hawaii News Now - KGMB and KHNL

Federal Reserve increases interest rates, so what does that mean?

HONOLULU (HawaiiNewsNow) -

For the first time in 7 years, the Fed is raising its interest rates from its record near-zero lows.

The combination of rising median condo prices and the upcoming Fed Interest rate hikes will significantly affect consumer buying power. The lower end of the market (young, first time home buyers) will be most affected.  The loan they qualify for now may be out of reach 3-6 months from now. Even with a 5% down payment, first time home buyers looking to buy a condo at the median price on Oahu may get priced out of the market by interest rates. Increasing interest rates will make monthly mortgage payment unaffordable. 

Now is the time to start moving towards your first purchase.  Don’t wait for the “perfect” condo, if it fits your budget and it’s a condo you can call home, go for it.

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