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.
The “Take It or Leave It” Attitude Is Fading from the Market – What That Means for You
That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.
What Buying or Selling a Home Gives Back to Your Community
Want to know what a move would mean where you live? A local agent can show you the figure close to home.
The 1 Factor That Explains Everything Happening with Home Prices Right Now
The national average of 1.7% price growth is accurate, but it’s an average of two very different stories happening at the same time – the few areas experiencing mild declines and the overwhelming majority that are still seeing prices rise.
That House That’s Been Sitting Could Be Your Best Shot at a Deal
A local agent has the context to tell which homes are the real opportunities and which are skippable.
Could Moving a Bit Further Out Change Everything About Your Budget?
Every market has more affordable pockets that most buyers never think to explore. A great local real estate agent knows exactly where those places are.
What Rising Inflation Means for Your Move
Here’s what’s actually going on, why it matters for the housing market, and what it means if you’re thinking about buying or selling.
The Truth About Affordability Today
Part of what is keeping prices this stable is that buyer finally have more choices meaning less competition, and more negotiating power.
Less House, More Home: Why Smaller Homes Are Paying Off for Today’s Buyers
Going smaller might actually be a smart play in today’s market – and the upside can be bigger than you’d think.
The Real Reason Some People Are Still Moving Right Now
So, if you’ve been putting your plans on hold, maybe ask yourself this: “Can I still live where I’m at right now and make it work?”
Why Staging Your House Could Pay Off This Spring
Staging doesn’t always have to mean hiring a full crew or filling your house with rented furniture. There are a few different paths you can take.