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Where Are Mortgage Interest Rates Headed in 2018?

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is 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 12 months.

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, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth. Meet with a local real estate professional to evaluate your ability to purchase your dream home.

CONTACT:

Matthew Stewart Real Estate

(916) 718-2979

matthewstewartrealestate@gmail.com

for guidance pertaining to 2018's buying season and where you fall into place with inventory and interest rates.

916-718-2979

eXp Realty

2603 Camino Ramon, Ste. 200

San Ramon, CA 94583

BRE# 01878277

Matthew Stewart Real Estate Team at eXp Realty

Broker associate

BRE# 01203051

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