As of the time of writing this article, the average interest rate being given to buyers with above average credit was 4.75%. This is expected to sail right past 5% this year and possible settle down around 6%. What does this mean to you?
- If you are buying, buying sooner rather than later can save you a bundle. For a 300,000 home, a 1/2% interest rate rise raises your monthly payment approximately $100. Don’t worry though, once you are locked in, interest rate changes don’t affect you.
- If you are selling, it probably really isn’t going to affect you terribly. There are always people buying homes and a small rise in interest rates doesn’t make your home worth any more or any less. If you are looking to re-invest that money into your next home, then follow the advice in #1 above.
If you are thinking about a move, give us a ring at the Pomfrey Team and we’ll go over all of your options. The experts we work with will also help you into the best deal around!