Now that the housing market has stabilized, more and more homeowners are considering moving up to their dream home. With interest rates still near 4% and home values on the rise, now may be a great time to make a move.
Sellers should realize that waiting while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs.
Here is a chart detailing this point:
With each quarter percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $10,000). Expertspredictthat mortgage rates will be closer to 5% by this time next year.
Act now to get the most house for yourhard earnedmoney.
Author:Ryan McLemore Phone: 972-804-3474 Dated: August 15th 2015 Views: 323 About Ryan: Ryan's career started in 2002 with Citigroup’s marketing division where he offered full service fi...