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How Interest Rates Impact Family Wealth
With interest rates still in the low 4%’s, many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year.If you look at what the experts are predicting for 2015, it may make the decision for you.
Predictions for 2015 3Q:
- 4.6% - Fannie Mae
- 4.8% - Freddie Mac
- 5.2% - Mortgage Bankers Association
- 5.2% - National Association of Realtors
Let’s look at it this way…The monthly payment (principal & interest only) on a $250,000 home today, with the current 4.1% interest rate would be $1,208.If we take that same home a year later, the Home Price Expectation Survey projects that prices will rise about 4% making that home cost $10,000 more at $260,000.If we take Freddie Mac’s rate projection of 4.8%, the monthly mortgage payment climbs to $1,364.Some buyers might not think that an extra $156 a month is that bad. But over the course of 30-year mortgage you have spent an additional $56,160 by waiting a year.______________________________________________________________
Jason has been a real estate broker since 2005 and has continued to sharpen his skills to become one of the most outstanding agents in Portland. Working with Jason you will find that he is an excelle....
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