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Welcome The Summer And Welcome Higher Interest Rates
Dated: June 20 2018
SUMMER IS HERE AND SO ARE HIGHER INTEREST RATES5% interest rates were unthinkable a year ago and yet here we are today! What does this mean for buyers in today's market?
It averages out to $140 more per month for a home of $350,000 with 5% down. For most buyers, this jump in interest rate can mean the difference between a $350,000 home or a $325,000 home. But don't be scared just yet. There are possibly 2 more rate hikes this year. Can we see 6% interest rates this year? If you have a lower credit score, you might just get a 6% today. These rates are back to 2009 levels.
SO THE HEAT IS ON!!!!! YES I highly suggest you think about buying a property soon. Buying a property is always better than renting. Even with higher interest rates, you will most likely pay less on a mortgage than renting.
So if you are just curious on finding out what you would qualify for or are seriously thinking on buying a home this summer just ask! It's free to get pre-approved and there is no obligation.
There are still plenty of homes available. And keep your options opened. There are lots of great areas with really nice homes.
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