How the Appraisal Process Works: To begin, an appraisal is an unbiased professional opinion of a home’s value, usually conducted by a professional licensed appraiser. Appraisals are
Mortgage Interest Rates in 2019
Dated: 09/27/2018
Views: 546
The interest rate that you pay on your mortgage has a direct impact on your monthly payment; the higher the rate, the larger the payment will be. That is why it's important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year.
How Will This Impact Your Mortgage Payment?
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, home prices have appreciated 6.2% from this time last year and are projected to be 5.1% higher next year.
If both the predictions of home price and interest rate increases become a reality, families would wind up paying considerably more for their next homes.
Bottom Line
Even a small increase in interest rate can impact your family’s financial situation, so don’t wait to make a move. Meet with a real estate agent to evaluate your ability to purchase your dream home now.
Amy Paul
I was born and raised in Columbus, graduated from Bishop Hartley High School, then received a business degree from Butler University in Indianapolis. I have 15 years of residential real estate with bo....
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