Mortgage Interest Rates Are On The Rise!

Homebuyers of the past few years have been getting record low interest rates and are very fortunate to have done so.  As of lately they have been on the rise and it is expected to continue in 2019.  So what does this mean for all of you that are looking online at dream homes and thinking of selling over the past couple years, and thinking you're almost ready to make that move?  Well, it means that if you want to think about your monthly bottom line in your bank account buying sooner rather than later really does matter to you.  Even if you aren't a numbers person you don't have to be to understand  that even a 1/2 % increase in the interest rate could add possibly $200 to your monthly mortgage payment.  So if you don't have money to burn, interest rates really matter to you.  According to The New York Times that wrote an article yesterday, "Interest Rates Are Rising For All The Right Reasons", the average rate rose to 4.7% last week from under 4% at the end of 2017 according to Freddie Mac data.  I have read other articles over the summer predicting rates to get in the 5%'s in 2019.  Now yes that is a prediction, but it is good to pay attention and consider.  All in all in a nutshell, it is still a good time to buy, not a good time to freeze.  20 years ago and further back, rates were much higher, ranging from the 8's in the 90's  to 12.7% back in the 1970's!  So depending on your age, you older siblings, or parents, or grand parents were paying much higher rates than you will.  Therefore, this affects the size and quality of the home you buy based on your affordability of your monthly mortgage payment for most, so we definitely wanted to get this out there incase you haven't been reading up on this or perking up at the morning or evening news when they start talking numbers...snore, well except for those of you that love numbers, but then this blog won't be a surprise to those of you. ;)  So get out there and search for your dream home, or better yet, let us help you!  This way you can still buy that home you dream of while the rates are still great! We have a variety of  listings we'd currently like you to see at https://www.mulvihillgrouprealestate.com/results-gallery/?userid=all ! If you'd like to see any of our homes or more of what is out there in the Livingston County and surrounding areas don't hesitate to call us! The Mulvihill Group Turning Dreams Into Memories