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How Interest Rates Impact Family Wealth

How Interest Rates Impact Family Wealth | Keeping Current Matters

RENTER'S AND BUYER'S PLEASE PAY ATTENTION TO THIS!

With interest rates still in the low 4%’s, many renters and buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year.

If you look at what the experts are predicting for 2015, it may make the decision for you.

Predictions for 2015 3Q:

Even an increase of half a percentage point can put a dent in your family’s net worth.

Let’s look at it this way…

The monthly payment (principal & interest only) on a $250,000 home today, with the current 4.1% interest rate would be $1,208.

If we take that same home a year later, the Home Price Expectation Survey projects that prices will rise about 4% making that home cost $10,000 more at $260,000.

If we take Freddie Mac’s rate projection of 4.8%, the monthly mortgage payment climbs to $1,364.

Some buyers might not think that an extra $156 a month is that bad. But over the course of 30-year mortgage you have spent an additional $56,160 by waiting a year.  I'm ready to assist you in your entire home purchasing process, feel free to text, email, or call me for a free home purchase consultation.  Marcel Bartley 207-252-1252 

  Mortgage Rate Projections | Keeping Current Matters


 

 

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