Double whammy on rural areas: lack of buyers, higher interest rates

Daily Real Estate News

Home buying in rural communities is on the rise: Last year mortgages for home purchases increased at a faster rate in rural communities than in the rest of the country. What’s more, rural borrowers paid significantly higher rates of interest than urban or suburban home buyers, according to a newly released analysis of the Home Mortgage Disclosure Act by Keith Wiley, senior research associate at the Housing Assistance Council.

Rural home purchase originations climbed by nearly 7 percent in 2014 year-over-year. Meanwhile, the overall national increase in home purchases increased 4 percent.

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October 12, 2015

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