Interest rates may have a significant impact on you in 2017. Here are a few reasons why.
I wanted to take some time to reach out to all my clients and friends to make sure they knew how interest rates will affect them in 2017.
We have seen a bit of an increase in interest rates since the election. What does that mean for you if you’re considering buying soon?
Let’s say that before the election, you had a 4% interest rate on a $500,000 mortgage. That would make your monthly payment $2,387. Let’s say rates went up a point to 5%. That would make your monthly payment $2,637. That’s nearly a $300 per month increase just because of a 1% increase in rates. What does that mean for you as a home buyer now and in the near future?
“It means you need to act now.”
It means you need to act now. The sooner you can get a clear financial picture of what is possible, the better you can make an informed decision for your family. Getting in now might save you thousands of dollars over the life of your loan.
If you have any questions, don’t hesitate to reach out and ask. We would love to hear from you and look forward to seeing you again soon.