The challenge for home buyers is watching home prices continue to go up at the same time mortgage interest rates go up, too, which only increases your monthly out of pocket costs of owning a home. As you can see in the graphic below, our historical mortgage rates have been MUCH higher than what we’ve seen since the great recession started about 10 years ago. But, they have been steadily going up the past 2 years and will continue to go up in the future. To graphically see the effects of interest rates on your monthly payment, go to this link: Mortgage Interest Effect on Mortgage Payments. You can then input any mortgage loan amount and scroll along the chart with your mouse to see how payments change with various interest rates. Contact us at the Thomas & Kauffman Team so we can help you find just the right home within your budget before home prices and interest rates put you out of the home buying market: Office @ 512-730-1252 or by email @ info@AustinTxHomeSales.com.
