What’s Happening with Home Mortgage Interest Rates?

Rates are still quite good, although we are up a percentage point from last year and the projections by industry leaders Fannie Mae, National Association of Realtors, Freddie Mac and Mortgage Banker’s Association all indicate an expected increase this year as well. What does this mean for you as a homebuyer? The graphs below show you just a small increase can reduce the amount of house you can be approved for, increases your monthly payment, and adds thousands and thousands of dollars to your overall interest payment. This is a big deal, especially as home values rise, buyers may find they have to settle for less. If I can answer questions or help you in the Williamsburg Virginia area, please call me or submit the form below. Click to Search MLS here: TiaStanley.com

We are up a percentage point from this time last year as well.

We are up a percentage point from this time     last year as well.

A single interest point increase reduces the amount of home you can afford.

A single interest point increase reduces the amount of home you can afford.

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