According to Freddie Mac's Primary Mortgage Market Survey, 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. This has been great for homeowners, because the lower the rate, the lower their mortgage payment will be. But how long can we expect interest rates to remain low? The chart below show how far rates have fallen this year as well as the average projections for their increase over the next 12 months.
Depending on the size of the loan you secure, a .5% increase in interest rate can increase your monthly mortgage payment significantly. According to the most recent Home Price Index by CoreLogic, national home prices have grown by 6% over the last year and are expected to be 5.4% higher next year. If the predicted increases of home prices and interest rates hold true, families will wind up paying considerably for their next home. If you are considering buying your dream home in Greenwood, it may be in your best interest to act sooner than later. Let's get together and evaluate your ability to take your next steps. If you would like more information on the current Greenwood Real Estate Market or would simply like to browse our listings, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.
