Friday, February 21, 2014
Many forecasts indicate a steady mortgage rate increase through the end of the year and rates have been on the move up for the second straight week.
Rates on 30-year fixed-rate mortgages averaged 4.33 percent with an average point of 0.7 for the week ending Feb. 20, which is up from 4.28 percent last week and 3.56 percent a year ago, according to Freddie Mac.
Rates are still at historic lows but are forecasted to increase steadily moving forward which will effect your buying power on the amount of home you can afford. Now may be the right time to make a move on selling your home and buying another to lock in the interest rate.
Renting a home currently? Rents have been on the rise and are likely to continue increasing. Especially if interest rates go up. You will be surprised how much home you can afford now for the rent you are paying.
No matter where you are in the planning stages we highly recommend discussing your plans further to help you make the best decision for you and your family. Feel free to contact us anytime to put a plan together based on your unique situation.
Here are some helpful resources to help with the planning stage:
- Instant Home Value Analysis - Click here for an Instant Analysis on your home value to give you an idea of what you have to work with.
- CMA (Comparative Market Analysis) - Click here for a more in depth Analysis that we will complete for you personally. This is much more accurate analysis.
- View Every Home On Market - Click here to see over 4,000 homes currently on market. This resource is great to utilize to see what is available in your price range.