The Canadian PressOctober 4, 2013 19:46
US housing rebound likely to handle spike in rates
LOS ANGELES (AP) — When mortgage rates began climbing in May from rock-bottom lows, Kevin Williams worried he might miss out on an opportunity.
So he listed his home in Orange County, Calif., and planned to buy a bigger house in San Diego after it sold. The process took all summer. Last week, he and his wife locked in a mortgage.
The extra time added at least $1,000 more a year than if they had secured a loan in May. Still, Williams believes they made a prudent decision.