Where is the Housing Market Heading in Terms of Home Mortgage?

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Where is the Housing Market Heading in Terms of Home Mortgage?

Your home mortgage has an interest rate, and this rate will strongly impact how much you end up paying monthly that goes with owning in the Ballantyne, NC area. If rates are high, then you can expect to pay much more. Because these rates have such an impact on your finances, it’s important to know where rates are expected to head, so that you can make an educated decision about buying now or later.  

According to a Primary Mortgage Market Survey by Freddie Mac, 30-year fixed mortgage rates have experienced half a percentage point drop since the start of the year and rates have remained below 3.5% for the last 11 weeks.

The left side of this chart shows how mortgage rates have fallen this year, and the left side is a comparison with the average projections from Fannie Mae, Freddie Mac, Mortgage Bankers Association and National Association of Realtors. The chart shows that mortgage rates will eventually increase over the next 12 months on a steady course.

20160912-stm-eng-1How Will This Impact Your Mortgage Payment?

Your monthly rate will depend on the amount you secure for a loan. A half of a percent increase can make a huge difference in your monthly payments.

Corelogic explained in its Home Price Index that national home prices have increased 6% over the course of the last year and they are predicted to sit 5.4% higher next year.

If the predictions of the home prices and home mortgage with its rates stay true, families should expect to pay considerably more for the next property they own.

Bottom Line

Your home mortgage will be significantly more expensive even if interest rates increase by only a small amount. Are you worried about purchasing your next home? Allow Showcase Realty to evaluate your ability to own your dream home—we want you to know all of your options!

Browse through our over 2000 lists of Ballantyne Homes for Sale . Call us today at 704.997.3794 or send us a message here!

If you’re unsure about owning a home, here are 2 Reasons That You Shouldn’t Wait To Move Up To Your Dream Home Now! Are you looking to broaden your understanding of home equity and where its headed for homeowners? Check out Homeowners Regain Equity of Over 20% Report Reveals.

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