Mortgage rates on the rise

The difference in monthly payment (p&i) on a $200,000 mortgage if rates go from 3.4% to 4.4% is $114.56 per month. The Mortgage brokers association, Freddie Mac predicts rates will be at 4.4% by the end of 2013. Take $114.56x 30 years and you're looking at  paying $41,241.60 more for the same house if rates go up by 1%. What if they go up by 2%? Now would be a good time to get off the fence and make that purchase!

Posted on March 21, 2013 at 4:08 pm
Loren VanCorbach | Category: Uncategorized

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