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 throughout 2019.
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. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!
Let’s take a look at a historical view of interest rates over the last 45 years.
Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
Author:Lance Whipple PA Phone: 407-494-6030 Dated: December 5th 2018 Views: 90 About Lance: My name is Lance Whipple and I help first-time homebuyers, international investors, “active adults...
My name is Lance Whipple and I help first-time homebuyers, international investors, “active adults” and snowbirds buy and sell homes in Champions Gate, Davenport, Clermont, and Kissimmee Florida. It’s the lifestyle, weather, safety and security of the Disney area that attracted my family here after I retired from the United States Air Force as a Lieutenant Colonel. In 2011 I entered the real estate business in the Four Corners market at its economic bottom and since then I have increased my knowledge and skill by annually improving production and earning certifications and designations such as the Certified International Property Specialist (CIPS), At Home With Diversity (AHWD), Military Relocation Professional (MRP), New Home Co -Broker (NHCB) and Real Estate Digital Marketer (REDM). Over 60% of my transactions now come from referrals and I believe that speaks well for my approach and service. I truly see helping buyers and sellers with difficult decisions and likely the largest financial transaction of their lives as a worthy service. Helping my customers buy a home is a natural extension of my military service--directly related to protecting and assuring the American Dream. Read more here.
Lance Whipple - Realtor®
EXIT Realty Champions
Local Specialty: Four Corners (Davenport, Clermont & Kissimmee)
*Florida License #SL3248262 as Lance Whipple PA
The interest rate you pay on your home mortgage has a direct impact on
"The home buying process is no walk in the park, especially this home. Lances' dedication, professionalism and hard work helped tremendously in getting us to the finish line. He followed through every step and followed up with us even after the sale. A true Realtor and highly, highly recommended! Thanks Lance "