Where Are Mortgage Interest Rates Headed In 2018

Where Are Mortgage Interest Rates Headed In 2018

 

Where Are Mortgage Interest Rates Headed in 2018? | Simplifying The Market

Where Are Mortgage Interest Rates Headed in 2018?


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.

Where Are Interest Rates Headed? | Simplifying The Market

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.

Bottom Line 

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.



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Phone: 972-800-7369
Dated: February 7th 2018
Views: 792
About John: John is a North Texas REALTOR® who assists families and individuals sell or purchase real estate th...

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