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.
Are You Aware of How Much Equity You Have in Your Home? You May Be Surprised!
Many homeowners are not aware that they have regained equity in their homes as their investment has increased in value.
Homeownership: “The Reports of My Death Have Been Greatly Exaggerated.”
Homeownership has been, is and will always be a crucial element of the American Dream.
Should I Wait Until Next Year to Buy? Or Buy Now?
If you are ready and willing to buy your dream home, find out if you are able to!
Calm Down! The Real Estate Market is NOT Falling Apart
Speculation has driven certain markets over the last year. However, it has not been speculation, but instead people’s desire for homeownership, that has driven the real estate market.
The #1 Reason to Sell Now Before Spring
Buyers in the market during the winter months are truly motivated purchasers. They want to buy now.
Whether You Rent or Buy, Either Way You’re Paying a Mortgage!
Everyone should realize, however, that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
Millionaire to Millennials: Don’t Rent a Home… Buy!
In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.”
Housing Prices are Not Heading for Another Crash
Prices are appreciating at levels greater than historic norms. However, we are not at the levels that led to the housing bubble and bust.
Top 5 Benefits of Hiring a Real Estate Agent
If your plans for 2018 include putchasing your dream home, let’s get together to discuss your options and to help you make the most powerful and confident decisions for you and your family.
Existing Home Sales Reach Highest Annual Pace in 11 Years
Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.