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 year.
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
According to CoreLogic’s
latest Home Price
Index, national home prices have appreciated 6.2% from this
time last year and are predicted to be 5.1% higher next year.
If both the predictions of home price and interest rate increases become a
reality, families would wind up paying considerably more for their next
Even a small
increase in interest rate can impact your family’s wealth, so don’t wait
until next year! Let’s get together to evaluate your ability to purchase your
dream home now.