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!