Interest rates are why you shouldn’t wait a year to buy your house.
Is it worth it to wait to buy your home? In September, interest rates peaked at about 3%. That’s the highest they’ve been in several months. However, don’t get discouraged; 3% is still a record low.
Freddie Mac and Fannie Mae are predicting an increase of about 0.5% to 1% in one year from now. If you buy a home then, your interest rates would be about 3.5% to 4%. Getting an extra 0.5% in interest rate may not seem substantial to some, but let me break this down. A 0.5% increase in your mortgage payment means about an extra $100 per month over a 15-year or 30-year span. That’s a lot of money waiting that a year will cost you. Clearly, waiting is not the answer and will not allow you to afford more home at a smaller mortgage payment.
Give me a call today, and let’s see what waiting a year would look like for you. I’m glad to help you with a plan so that you’re not wasting $50,000 over the next 15 or 30 years. I look forward to hearing from you.
