Buying a home is about to get a lot more expensive.
According to a recent report from Freddie Mac, mortgage interest rates are predicted to rise in 2018. The rate for a 30-yr fixed-rate mortgage was 3.9% in Q4 of 2017, and it is forecasted to jump an entire percentage point to 4.9% by the end of 2018.
A percentage point might not seem like much, but it makes a huge difference in how much you’ll pay for your home over the length of your mortgage. If you took out a $350,000 30-yr fixed rate mortgage, your monthly payment at 3.9% would be $1,650.84. At 4.9%, it would be $1,857.54 – and you’d pay a whopping $74,413.73 more in interest over the course of the loan.
If you’re thinking about buying, now is the time to do it. If you push off buying a home until later in the year, you’re likely going to face significantly higher mortgage rates – and end up paying tens of thousands (or even hundreds of thousands) of dollars more for your home than you would if you made the purchase today.
If you are ready to buy or sell a Central Ohio home, e-mail, call or text:
Carleton Realty Top Listing Agent 2017
Carleton Realty Top Listing Agent 2016
Ohio Association of Realtors President’s Sales Club 2017
Ohio Association of Realtors President’s Sales Club 2016
Columbus REALTORS 5 Million Dollar Club 2017
Columbus REALTORS 1 Million Dollar Club 2016