Where Are Mortgage Rates Headed? This Fall? 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. Dr. Frank Nothaft, the SVP & Chief Economist for CoreLogic, had this to say in their latest MarketPulse:“If you are thinking of buying a home and have the financial means to do so, this could be a good time to take a look at the neighborhoods you are interested in. We expect home prices in our national index to be up about 4.3% in the next 12 months, and mortgage rates are also likely to increase over the next year.”If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home. Bottom LineEven a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home. |
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