The good news is mortgage interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with mortgage affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.
The mortgage interest rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your dream home this year.
Take a look at a historical view of interest rates over the last 45 years.
Seven to 10 years ago, mortgage interest rates hovered around 7% to 8%, according to the chart above. Today interest rates are still below 5%. If you are mortgage ready, why wait for rates to continue to rise? Purchase now and leave renting behind for the benefit of earning equity which builds wealth.
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. Visit us at hfamiami.com and learn how you can own your own home.
Original article found here.