Mortgage Interest Rates
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.
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. Mortgage interest rates may still be on the rise, but it is still a phenomenal time to buy your dream home! When you buy a home through John McLain or anyone on the McLain Realty Team you will have complete piece of mind with their 2 Year Love It or Leave It Program! If you do not love your home for any reason within 24 months after closing, John McLain will personally buy it back or sell it for free! Call today about the programs specific guidelines. 908-878-9356 or e-mail firstname.lastname@example.org