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Hi, I’m Debby Adler with the Adler Home Team. Today we wanted to speak to you about rising interest rates.
Many people have been asking us lately about interest rates and what we can expect down the road.
Over the last few years the Government has been buying mortgage-backed bonds at a very fast rate. This has been keeping interest rates at near record-lows, around four and a quarter percent for a 30-year fixed-rate mortgage. However, the Fed has slowly been reducing the amount of bonds they are buying and has announced that they plan to stop buying them altogether before the end of the year. This may result in a jump in rates to as high as five and a half percent come springtime.
The higher rates are still attractive to buyers, as interest rates have been around 8% on average for the last 30 years. If you do the math, this change in rates could have a big effect on your spending power. If you plan on living in your home for 10 years, you could save as much as $18,000 by locking in current interest rates.
If you have the option of moving today, we recommend you start looking for your next home. Now is the time to lock in low rates for future savings!
Thanks for your time. Please reach out to us for any questions at any time. Enjoy your day.
The number of self-employed persons is increasing in tandem with the increase in the number of people who prefer to work for themselves. Individuals who are self-employed may be forced to utilize specialist self employed mortgage rather than normal mortgages when acquiring a house.
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