Rising mortgage interest rates will not affect most homeowners in the U.S., according to the Mortgage Bankers Association. The trade group聮s research showed that 35% of homeowners own their homes outright; 50% have fixed rate loans M.J. Stewart Buccaneers Jersey , with many refinancing to get lower rates in the past few years; and 15% have adjustable rate loans. Eight percent of the latter homeowner group are high income earners. Therefore, the MBA concludes, only seven percent of all mortgages are rate sensitive!


The MBA research also found that only 12.5% of homeowners spend 50% of household income on housing. Only 33% spend just over 30%.


In the past 12 months, the U.S. population grew by 2.9 million persons. Between now and the year 2015 Ronald Jones II Buccaneers Jersey , demand for new homes is on track to total as many as 20 million units annually. By 2030, there will be 80 million more people living in the U.S. As a result, our housing needs will require that an average of two million units per year is built but our record for building is 1.1 million. Currently there are 74.8 million homeowners in the U.S.


Finally, the MBA reported that no state in the U.S. has ever recorded a year-to-year decline in housing prices. Current national median price is $220 Carlton Davis Buccaneers Jersey ,000, an increase of 15.8% over last year.


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