I wrote this post about 4 tips on rising interest rates in Stansbury Park UT a few weeks ago and then forgot to hit publish. So….. Here I go again.
Giving you some plain talk about interest rates, and how they can impact how much you will need to pay each month for your dream home or condominium, how much house you can afford to buy, and what homes listed on the MLS you can qualify for. See all Stansbury listings to $250,000.
I am addressing these issues in 4 articles I received from my friends at Keeping Current Matters, (KCM).
- A history of interest rates, (A look at what your parents may have had to pay).
- The impact a rise in mortgage rates will have on the housing market.
- What an increase in interest rates will cost in $$$ and cents.
- More about how rising interest rates can impact your Stansbury Park home purchase.
Since the graph in article 3 was a bit confusing, let me make it a bit more understandable by doing some math for you. Actually it’s just a quick way to figure a mortgage payment if you don’t have a computer handy to figure payments, and the $250,000 price is not applicable.
Using the graphic, @ a 4.9% interest rate, money will cost you $5.30 per month for every $1,000 you borrow. Keep in mind as you plan your housing budget; this figure only included principal and interest on your loan. Taxes, PMI, HOA dues and other obligations are extra.
So here they are. ENJOY!
Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year. The rate you … Read More
Recently, Freddie Mac published an Insight Report titled Nowhere to go but up? How increasing mortgage rates could affect housing. The report focused on the impact the projected rise in mortgage rates might have on the housing market this year. Many believe that an increase in mortgage rates will cause a slowdown in purchases which … Read More
Some Highlights: Interest rates are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!
Mortgage interest rates have already risen by over a quarter of a percentage point in 2018. Many are projecting that rates could increase to 5% by the end of the year. What impact will rising rates have on house values? Many quickly jump to the conclusion that an increase in mortgage rates will have a … Read More
I hope these 4 tips will come in handy as you decide if and when to buy a house in Stansbury Park UT.
Many of you don’t know me and are probably asking, “why is Berna doing this”. Now it’s confession time.
I share articles about Tooele County real estate because I want you to know that I know stuff and that if you have me as a partner we are not going to be learning the secrets of this business together. I want you to have confidence that I know what I am talking about and that you can count on me for the best, most up to date, most important information available in this area.
In other words, I want you to pick me as your partner on your next real estate transaction.