Although inflation slowed some in August, the downshift isn’t giving the Federal Reserve pause when it comes to increasing interest rates. That means higher rates on many mortgage types, and for
Where Are Mortgage Interest Rates Headed In 2019
Dated: September 25 2018
The interest rate you pay on your home mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.2% from this time last year and are predicted to be 5.1% higher next year.
If both the predictions of home price and interest rate increases become a reality, families would wind up paying considerably more for their next homes.
Even a small increase in interest rate can impact your family’s wealth, so don’t wait until next year! Let’s get together to evaluate your ability to purchase your dream home now. Contact Tricia Glover and The Glover Team at 540-846-0185.
As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate in the Northern Virginia Area. It's not the same everywhere, so you ne....
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