Rochester saw a slight increase in home prices from the first quarter of 2008 through the first quarter of 2009. CNN Money projects the market will decrease slightly from 2010-2011 and then rebound for a 1.8 percent increase from 2011-2012.
The average price of a home in the Rochester market is around $129,000.
Historically, with an increase in home prices, we can expect an increase in Rochester mortgage rates as well. In April 2010, the federal government started selling back Mortgage Backed Securities to the private sector. Essentially, interest rates are no longer protected like they were in 2009 and the early part of 2010.
If you’re in the market for a home today, you can use Rochester Banking Rates to find a mortgage rate that you can afford. It may be wise to lock in your mortgage rate today, while prices are still low.