Multiple Sources on the Future of Mortgage Rates
The 30-year mortgage rate just shot past another multi-year high, and there’s little to stop it from going higher. Rates are now at their lowest levels we’ll likely see over the next few years, or even decades. Patience in today’s market might yield nothing but a higher price tag on your mortgage. (The Mortgage Reports, by Tim Lucas 4/27/18)
The Cost of Waiting
Interest rates are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!
Affect on your "Purchase Power"
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.