Consumers are aware that interest rates are increasing, but very few understand how costly these seemingly small increases can be over the life of a 30-year mortgage. Experts believe that interest rates will increase by another quarter point before the end of 2018 and that another three rate hikes will follow in 2019. This means today’s rate of 4.85 percent could be 5.85 percent a year from now. Example: For a $250,000 purchase price with $200,000, 30-year, fixed rate mortgage:
Full Article here: The cost of buying a home today vs. a year from now
Contact the Thomas & Kauffman Team today if you would like to buy or sell a home in the Austin metro area - (512) 730-1252 or info@AustinTxHomeSales.com.
75% of Renters Have Been Misinformed