Dont Push Your Luck

Dont Push Your Luck

The 30-year fixed mortgage interest rate is currently still below 4%. Many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year, believing they still have time to lock in a low rate. If you look at what the experts are predicting over the course of the next 12 months, it may make the decision for you.

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Predictions for 2016 2Q:

Even an increase of half a percentage point can put a dent in your family’s net worth.


Let’s look at it this way…

The monthly payment (principal & interest only) on a $250,000 home today, with the current 3.86% interest rate would be $1,173. If we take that same home a year later, the Home Price Expectation Survey projects that prices will rise about 4.4% making that home cost $11,000 more at $261,000. If we take Freddie Mac’s rate projection of 4.7%, the monthly mortgage payment climbs to $1,354. Some buyers might not think that an extra $181 a month is that bad. But over the course of 30-year mortgage you have spent an additional$65,160 by waiting a year.


Deborah Boyd Headshot
Author:
Phone: 940-368-1306
Dated: March 17th 2015
Views: 667
About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

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JP And Associates REALTORS
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