In the past couple of weeks, we've been asking you questions that should be considered when you're thinking about buying a home. We've asked you to consider|
Why are you buying a home in the first place?
Where are home values headed?
And today, it's time to ask yourself
Where are mortgage interest rates headed?
The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates. The Mortgage Bankers Association (MBA), the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by approximately three-quarters of a percent over the next twelve months.
With interest rates still below 4%, many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year. If you look at what the four major reporting agencies are predicting for 2016, it may make the decision for you. The chart below averages the predictions by quarter.
Now, let's look at what the local market has been doing this week.
7 homes listed, ranging in price from $388,000 - $2,499,900. They range in size from 1335 - 5306, and were built between 1969 & 2016. Click here for all the details of these listings.