could have a big impact on your buying decision, economists warn.
Buyers = you may want to speed up your home search, as interest rates are forecasted to move higher in the coming months. Forty-four percent of home buyers say rate increases likely will force them to settle for a smaller, less expensive home. What about YOU?
Mortgage rates are at their highest levels in more than four years. The 30-year fixed-rate mortgage averaged 4.46 percent last week, according to Freddie Mac, and that’s largely expected to increase since the Federal Reserve said it is likely to raise its short-term interest rates this year. This could prompt mortgage rates to move higher at least three times this year, starting this month.
Rate increases—even minor ones—can add up over time. Realtor.com® offers this example: On a $300,000 house with a 30-year fixed-rate mortgage and 20 percent down payment, the difference between a 4 percent and 5 percent mortgage rate is $142 a month. Calculated over the life of the loan, that is more than an extra $51,000.
Let's get together to help you make a smart buy! Contact me anytime!
REMEMBER: In Florida, I can represent YOU as a BUYER'S BROKER. Let my 25+ years of experience here - save you time and money!