Friday, September 30, 2016 / by Lynn Goodale
Interest Rates at Historic Lows … But for How Long?
The interest rate you pay on your home mortgage has a direct impact on your monthly payment; The higher the rate, the greater your payment will be. That is why it is important to look at where the experts believe rates are headed when deciding to buy now or wait until next year.
The 30-year fixed mortgage rate has fallen half a percentage point since the beginning of the year and has remained at or below 3.5% for the last 11 weeks according to Freddie Mac’s Primary Mortgage Market Survey.
The chart below shows how far rates have fallen this year (on the left), and uses an average of the projections from Freddie Mac, Fannie Mae, the Mortgage Bankers Association and National Association of Realtors (on the right). As you can see, interest rates are projected to increase steadily over the course of the next 12 months. Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
If both the predictions of home prices and interest rate increases become a reality, families will wind up paying considerably more for their next home. Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home! Call us at 602-799-7099 and start packing!
Go Ahead… Give Your Self a Real Treat This Month
The month of October can be a spooky month, maybe even a scary month with monstrous problems. Yikes!! Well maybe not, but words like that seem to be popping up everywhere as kids and adults alike look forward to Halloween.
In fact, according to USA Today, adults spend more on themselves to celebrate Halloween than any other day during the year. We get that. Especially if they want to hang out with the kids to go trick or treating, or to a Halloween party of some kind. For many homeowners and home buyers though, they are truly scared. Scared to death of how in the world they are going to get out of their house and into their next one (the trick).
Our Treat: We have developed a special program to help sellers and homebuyers. We will guarantee the sale of their present home at a price agreeable to them and in the unlikely event their home does not sell, we’ll buy it. Now that is how you turn a trick into a real trick. Learn more by clicking here!
This is where you come in.
Your friends, neighbors, work associates and family members who may be considering a move can now do so and celebrate true independence from the fear of getting stuck with two homes or none at all.
And remember… Your referrals help our Homeless…
As many of you may know, we are on a mission to raise $10,000 for the House of Refuge located in Southeast Mesa. We do this by donating a portion of our income. House of Refuge is a faith-based, non-profit organization that provides transitional housing and supportive services to homeless families. On any given day there are approximately 100 adults and 150 children that call the House of Refuge “home.” Using 88 homes from the old Williams Air Force Base, House of Refuge provides a stable environment to homeless families working to get back on their feet and become self-sufficient. In that effort House of Refuge has logged a success rate of over 90%. Join us in our efforts today!