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 Down Payment Assistance You Didn’t Know About
Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it.
Is Your House Priced Too High?
Pricing your house correctly is one of the most crucial steps in the selling process and if you’re asking too much you may be turning potential buyers away.
Falling Mortgage Rates Are Bringing Buyers Back
If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent.
Mortgage Rates Drop to Lowest Level in over a Year and a Half
Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.
The Best Time to Buy a Home This Year
Mortgage rates just hit their lowest point in 19 months, and that goes a long way to help with your purchasing power and affordability. Are you ready to buy?
Why Pre-Approval Should Be at the Top of Your Homebuying To-Do List
While home affordability is finally starting to show signs of improving, it’s still tight. Your lender can help you.
2025 Housing Market Forecasts: What To Expect
Looking ahead to 2025, it’s important to know what experts are projecting for the housing market.
Could a 55+ Community Be Right for You?
the number of listings tailored for homebuyers in this age group has increased by over 50% compared to last year.
Are We Heading into a Balanced Market?
Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. Your agent has the latest data and local insights.
What’s the Impact of Presidential Elections on the Housing Market?
Historically, the housing market doesn’t tend to look very different in presidential election years compared to other years.