What Is a Buyer's Agent? Ready to house hunt? It can be a jungle out there: Prepare for a flurry of paperwork, stampedes of buyers competing for the same digs, and other
Where Are Mortgage Interest Rates Headed In 2018
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.
If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.
Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home.
Being the CEO and Team Leader of Team Caropreso, Vince specializes in Listings, Marketing, REO/Foreclosures,Short Sales and working with Investors. With 18 years of experience and selling over 700 hom....