by Pearl Realty
on Tuesday, February 7th, 2017 at 12:14pm.
Interest rates are historically low right now, but they are starting to rise again. Currently, mortgage interest rates are 38% lower than they were just 10 years ago! With projected interest rates around 4.3% for 2017, it is an excellent time to make any sort of real estate transaction.
Just a year ago rates were around 3.5%. This February they are hovering around 4.1%. In just a simple half percentage point, the monthly payment rises around $50 without even counting the interest, that is a cost of $18,000 over the life of a 30 year fixed loan! If you are thinking of waiting it out to adjust your finances to buy a new home, contact a REALTOR* and go over your options.
REALTORS* have many connections and can help figure out the best way to get you into a home. Don't put off buying a home if you are planning to later in the year. There might be a way to get you into a new home now, which could save you thousands from the expected interest rise. It's free to ask and see what is available to you, so why not test it out and see how much you could save!
Article courtesy of : Idaho Association of Realtors