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With predictions showing that mortgage rates will continue a slow steady climb through the begining of 2015, it may save you money in the long run to purchase a home now.

With Mortgage rates currently in the lower 4.%, we have seen a steady increase from the 3.54% from May of last year.   Current predictions are that we will see a further increase of about .25% buy the begining of 2015.  This means that you and your family could pay more over the term of a 30 year loan if you wait till next year.  

Here is the math:   If you buy a home at $200,000 with an interest rate of 4.164% (per Zillow's mortgage calculator), your monthly payment would be $1,392.00.  With an interest rate of 4.41% you would pay $1,433 a month.   This $41 a month may not hit your bottom line off the bat, but over the term of your loan, you will spend an extra $14,760.

If you would like to get out there and start looking at what is available, contact one of our agents today!

Sources:

http://www.forecast-chart.com/year-mortgage-30.html

http://www.keepingcurrentmatters.com/2014/09/15/how-interest-rates-impact-family-wealth/?utm_source=feedburner&utm_medium=email&utm_campaign=Blog_Promo

http://www.bankrate.com/partners/sem/IP-mortgage-rates-v2.aspx

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