Where Are Mortgage Rates Headed?
We often talk about the COST of buying a house vs. the PRICE of the home. The price obviously is a major component of the cost. The other major component is the interest rate on your mortgage. A small hike in mortgage interest rate can have a dramatic impact on your monthly payment. For that reason we try to keep you current on what is projected for rates in the future.
Four major institutions project rates: The National Association of Realtors (NAR), Fannie Mae, Freddie Mac and PMI. Here is what each is seeing in the next year.
Bottom Line
If you are looking to buy a house and are waiting to see what will happen with prices, remember interest rates will also impact your housing cost.
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Monday morning quarterback says you guys were WAY off. Why to people even attempt to make such ridiculous prognostications?
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