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.
Bottom Line
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.
To view original article, please visit Keeping Current Matters.
Struggling To Sell Your House? Read This.
If you’re having trouble getting your house sold, here are the top three hurdles and how an expert agent can help you solve these issues.
Only an Expert Agent Can Give You an Accurate Value of Your Home
Agents have a deep understanding of the local market, and they can provide insights that automated tools simply can’t match.
What Will It Take for Prices To Come Down?
It’s crucial to work with a local real estate expert who understands your market and can explain what’s going on where you live.
Why More Sellers Are Hiring Real Estate Agents
Selling your home is a big deal, and while FSBO might seem like a way to save time or money, it comes with a lot of responsibilities.
Why Owning a Home Is Worth It in the Long Run
Increased home values are a major reason so many homeowners are still happy with their decision today!
Sell Your House During the Winter Sweet Spot
While inventory is higher this year than the last few winters, if you work with an agent to list now, it’ll still be in this year’s sweet spot.
Should You Sell Your House As-Is or Make Repairs?
So, how do you make sure you’re making the right decision for your move? The key is working with a pro.
How Co-Buying a Home Helps with Affordability Today
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Why Today’s Mortgage Debt Isn’t a Sign of a Housing Market Crash
Most homeowners today are employed and have low-interest mortgages they can afford, so they are able to make payments.
What’s Behind Today’s Mortgage Rate Volatility?
The best way to navigate this landscape is to have a team of real estate experts by your side.