Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.
The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your dream home this year.
Let’s take a look at a historical view of interest rates over the last 45 years.
With the above graph I think we should be thankful that we can still get a better interest rate than your mom or dad when they purchased a home, a lower rate than your grandparents did 40 years ago, and a better interest rate than your brother or sister 10 years ago.
If you are interested in making a move contact me today!
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