Why It Is a Good Time to Buy Despite Rising Prices

Home prices are heating up, but economists say that it is still a good year to be a homebuyer, according to a recent LendingTree report. Mortgage rates are low, and to top it off, the economy is cruising along. And even though houses are getting more expensive, the amount of income buyers are spending on their mortgage declined from 2010 through 2019: the drop in rates can equate to tens of thousands of dollars by the end of a loan’s period. So once again, those low rates are really shaping the housing market's performance.

Much has changed since the lows of the Great Recession and its immediate aftermath: The economy is booming, unemployment is low—and home prices have shot up in many parts of the country.

And despite the last few years of high prices, it's a good time to buy a home, according to a recent report from the online financial services marketplace LendingTree.

Mortgage interest rates, the number of foreclosures, and the amount of income buyers are spending on their mortgage payments all fell from 2010 through 2019. That's a win for buyers.

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