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:Angela Cotten Phone: 817-470-0081 Dated: April 14th 2016 Views: 1,744 About Angela: Results, Integrity, Attitude & Honesty. If superior representation with a caring touch is what you ...
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JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
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