Mortgage Rates Predicted To Rise In 2018. If You Want To Buy, Now Is The Time
Buying a home is about to get a lot more expensive. According to a recent report from Freddie Mac, mortgage interest rates are predicted to rise in 2018. The rate for a 30-yr fixed-rate mortgage was 3.9% in Q4 of 2017, and it is forecasted to jump an entire percentage point to 4.9% by the end of 2018.
A percentage point might not seem like much, but it makes a huge difference in how much you'll pay for your home over the length of your mortgage. If you took out a $350,000 30-yr fixed rate mortgage, your monthly payment at 3.9% would be $1650.84. At 4.9%, it would be $1857.54 - and you'd pay a whopping $74.413.73 more in interest over the course of the loan. If you're thinking about buying, now is the time to do it.
If you push off buying a home until later in the year, you're likely going to face significantly higher mortgage rates - and end up paying tens of thousands (or even hundreds of thousands) of dollars more for your home than you would if you made the purchase today.
The data on this Free Market Report is consolidated from multiple sources and includes current listings, recent sales, and more. Whether you're a buyer or seller, the knowledge you gain will help put you in control of your real estate transactions.