Where are mortgage rates headed in 2018?
Heading higher…
According to Freddie Mac’s U.S. Housing Marketing Outlook, interest rates are expected to slowly but surely head higher in 2018. What does this mean for you if you are considering buying a new home?
- 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 7.0% from this time last year and are predicted to be 4.2% higher 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.
Consult with a local lender to see how much you can afford before deciding on what properties you consider purchasing.
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