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Where are Mortgage Interest Rates Headed in 2019?

Where are Mortgage Interest Rates Headed in 2019?

October 4th, 2018

Mortgage Interest Rates Continue to Rise

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 over the course of the next year.

Mortgage Interest Rates 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.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.2% from this time last year and are predicted to be 9.1% higher next year in California.

September2018 California Price Increase

If both the predictions of home price and interest rate increases become a reality, families would wind up paying considerably more for their next homes.

A $400,000 home would rise to $436,000 and the payment could go up by $357 per month.

Bottom Line

Even a small increase in interest rate can impact your family’s wealth, so don’t wait until next year! Let’s get together to discuss your situation before the monthly payments get out of reach.

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