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The Disadvantage Of Stalling Your Home Purchase

Tuesday, December 18, 2018   /   by June Quilantang

The Disadvantage Of Stalling Your Home Purchase


Although we have seen the reports, analyzed the forecasts and enjoyed the projections of a stabilizing market of the real estate industry across all states. One thing that buyers should be concern about is the projected mortgage interest rate increase by the Q4 of next year.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic's most recent Home Price Insights Report, home prices will appreciate by 4.8% over the next 12 months.

What Does This Mean as a Buyer?
If home prices appreciate by 4.8% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today: If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

Reference: http://bit.ly/2R2qvYe

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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than eXp Realty - New York Real Estate Experts are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.