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.
What Mortgage Rate Are You Waiting For?
If you’ve been holding out and waiting for rates to come down, know that it’s already happening.
How Mortgage Rate Changes Impact Your Homebuying Power
Real estate agents have the expertise to help you understand what’s happening and what it means for you.
Are There More Homes for Sale Where You Live?
Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.
What Every Homeowner Should Know About Their Equity
Understanding how much equity you have is the first step to unlocking what you can afford when you move.
Today’s Biggest Housing Market Myths
If you have questions about what you’re hearing or reading, let’s connect. You deserve to have someone you can trust to get the facts and sort out the misconceptions.
What Credit Score Do You Really Need to Buy a House?
While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy.
Where Will You Go After You Sell?
Want to see what’s available? Your real estate agent can show you what homes are for sale in your area, so you can see if there’s one that works for you and your needs.
How To Choose a Great Local Real Estate Agent
The right agent should be someone you trust to guide you through one of the most significant transactions of your life.
Is Affordability Starting to Improve?
While affordability is still tight, there are signs it’s getting a little better and might keep improving throughout the rest of the year. Here’s a look at the latest data.
Helpful Negotiation Tactics for Today’s Housing Market
One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process.
