Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates have stayed near historic lows. Sellers should realize that waiting to make the move when mortgage rates are projected to increase probably doesn't make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
According toFreddie Mac,the current 30-year fixed rate iscurrently around 3.75%.With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%(in this example, by $10,000).Freddie Macpredictsthat mortgage rates will be closer to 4.7% by this time next year.
Act now to get the most house for your hard-earned money.
Author:Heather F Davidson Phone: 609-209-7581 Dated: April 4th 2016 Views: 280 About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...
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Specialties: Buyer's Agent, Listing Agent, Relocation, Short-Sale
I'm an agent whose business is built on the promise of exceptional customer service. If you are selling your home or searching for that special place to call your own, you deserve to work with someone you trust-someone who you know has your best interests in mind. Whatever your particular Real Estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
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