The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016. If you're on the fence today about buying a home, now is the time to get started before the increase.
HOME PRICES
CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. How does your state look? Here is their breakdown by state:
MORTGAGE INTEREST RATES
All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters:
Bottom Line: With both home values and interest rates projected to increase over the next twelve months, buying (or moving-up), sooner rather than later, makes sense.
Call me at 602-531-0435 or send me an email at Jeff@arizonasrealty.com to get started on your next home search.
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