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    Where Are Mortgage Interest Rates Headed in 2018?

    Where Are Mortgage Interest Rates Headed in 2018? | MyKCM

    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 12 months.

    Where Are Interest Rates Headed? | MyKCM

    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 7.0% from this time last year and are predicted to be 4.2% higher next year.

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

    Bottom Line 

    Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home.

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    Our agents write often to give you the latest insights on owning a home or property in the Metro Phoenix area.

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