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!
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Uncategorized • March 21, 2013
Mortgage rates on the rise
by Loren VanCorbach
Uncategorized Why is there no inventory? I hear it often…Why are there no homes for sale in Whatcom County? Many sellers are afraid to list their homes out of fear of selling quickly with no place to move to. Baby boomers are not retiring. Staying in their homes longer means less supply. Remodeling is on the increase as an option to […]