The interest rate you pay on your home mortgage directly affects your monthly payments. The higher the interest rate, the higher your monthly payment will be. It is important to know where rates are heading when deciding to start searching for homes.
Depending on the amount of loan you take out, a half of a percent increase in interest rates will increase your monthly mortgage payments significantly. From this time last year, national home prices have increased 6.2% and are predicted to increase 5.1% in he next year.
In the case that both the interest rate and home price predictions are accurate, families may end up paying substantially more for their next home. These small increases in interest rates can affect your wealth, so don't wait around. Meet with one of our PorchLight agents to find your dream home now!