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Interest Rates On The Rise In 2015
Interest rates have increased this year. According to many experts, it will likely go up further during 2015. This is important news for home buyers. Interest rates on the rise in 2015 and what home buyers in Advance NC must know is discussed further in this blog.
Why Interest Rates On The Rise In 2015 Are ImportantThe amount of your recurring payments are a direct result of your interest rate. A rise in interest rates can diminish your approval amount or cause you to spend more each month for the same mortgage amount. Even a minor variation will make a difference. If you are trying to purchase a home at the max of your range, a tiny rate increase may really reshape your options.
Here is an example of how pre-approvals can move with interest rates. This assumes a unchanged down payment percent and keeping the same mortgage payment.
Other Factors to ConsiderIn addition to interest rates, changes in home values will also alter your buying power. In many regions, property prices have increased steadily for a year or so. Bidding wars and negotiations above asking price are becoming occurring again. Much of this is due to low listing volume and high demand.
What Home ... more

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