- Interest rates have come a long way in the last 30 years.
- The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget.
- Interest rates are at their lowest in years… RIGHT NOW!
- If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act!
source: Keith Kreis Real Estate News
What every homebuyer needs to know about mortgage rates
Will they go up again? It’s the top-of-mind question for lenders, real estate professionals and real estate consumers. When interest rates take a hike, the complexion of the housing market completely changes.
If you’re a first-time homebuyer, you are no doubt following interest rates and the doings of the Fed. It’s confusing, isn’t it? Real estate industry jargon is bad enough but with mortgage lingo thrown in, it’s no wonder homebuyers don’t know where to start.
Because interest rates fluctuate daily, it’s important to shop for a loan quickly, yet effectively. Comparing lenders’ offers is a critical step if you hope to keep your monthly mortgage rates as low as possible. Cost To Buy A House
While interest rates are but one aspect of a mortgage quote to compare against others, it is probably the most important, so let’s take a look at why rates change and what you can do to get the lowest rate. Cost To Buy A House
What impacts mortgage rates? Read More…
What Are the Experts Saying about Mortgage Rates?
Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:
“In 1984, 1994, 2000, and 2013, every time we have rate increases, we have increases in nominal home prices. We expect this to be more pronounced, as there is a big demand-and-supply gap at the present time.” Cost To Buy A House
“The tightening labor market, rising wage growth, high levels of consumer confidence and a millennial generation with a pent-up demand for housing should allow the housing market to weather the storm of gradually rising interest rates.” Cost To Buy A House
“Although we strongly believe that the housing supply-demand imbalance for single-family homes will continue to drive above-average home price appreciation, just as falling mortgage rates aided pricing power on the margin in recent months, we expect the opposite effect to become evident in the coming months. As such, we project year-end home price inflation of 4.8% for 2017 and 4.1% for 2018.” Cost To Buy A House
“A modest increase in mortgage rates won’t have much of an effect on home purchases. A buyer may need to slightly re-evaluate which homes they can afford, but it’s not likely to make an impact on qualifying, in most cases.” Cost To Buy A House
“Our survey data shows that mortgage rates would have to be significantly higher to have any meaningful impact. The house buying power that borrowers have, even with rates below five percent, still remains historically strong.” Cost To Buy A House