The 30-year fixed mortgage interest rate is currently still below 4%. Many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year, believing they still have time to lock in a low rate.
If you look at what the experts are predicting over the course of the next 12 months, it may make the decision for you.
Predictions for 2016 2Q:
4.2% - Fannie Mae
4.7% - Freddie Mac
4.9% - Mortgage Bankers Association
5.3% - National Association of Realtors
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 3.86% interest rate would be $1,173.
If we take that same home a year later, the Home Price Expectation Survey projects that prices will rise about 4.4% making that home cost $11,000 more at $261,000.
If we take Freddie Mac’s rate projection of 4.7%, the monthly mortgage payment climbs to $1,354.
Some buyers might not think that an extra $181 a month is that bad. But over the course of 30-year mortgage you have spent an additional $65,160 by waiting a year.
Author:Matt Watson Phone: 214-417-9171 Dated: March 18th 2015 Views: 376 About Matt: ...
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You're excited about your next big move: You want to buy, build or sell a home in central Dallas, the urban heart of high-style Texas living. But you don't want to fight with paperwork or negotiate details. You just want a real estate agent who can.
I'm Matt Watson. I've worked with young professionals looking for upscale, uptown residences as well as empty-nesters looking to scale down and kick back. I've sold condos, townhouses, lofts, high-rises and homes (historic and otherwise) all over Dallas. And I know how to make your real estate purchase or sale easy and hassle-free.
If you're buying a home, I will:
Help you find a resid ence that matches your lifestyle.
Give you instant access to the Dallas Multiple Listing Service.
Help you find financing that works.
If you're building a home, I will:
Help you locate the right building site.
Help you select the home style, size and amenities that fit your neighborhood.
Help you select a qualified builder and coordinate construction.
If you're selling a home, I will:
Price your property based on market conditions and your personal goals.
Help you enhance your home's market appeal.
Market your property to the right buyer, not just any buyer.
And whether you're buying a home or selling a home, I will:
Always be your advocate and work in your best interest.
Always give you the facts you need to make the right decisions.
Always negotiate the details and handle the paperwork.
It's that simple. Welcome to the Matt Watson way of doing business.
Excited About Buying A Home This Year? Here’s What to WatchAs we kic
"Matt is the most conscientious real estate professional we have ever met. He listened to what we wanted, was patient with our changes and kept looking until we found the exact right house for us. He was good natured and helpful with all of the administrative work too. We chose him because we thought he knew the downtown/uptown market. Come to find out, he really does! We’d recommend Matt to everyone looking for a property in Dallas!"
Clint & Cheryl Rodenfels The M Streets - Dallas, TX