2016 Predictions for Home Values and Interest Rates
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Freddie Mac’s economic outlook predicts our interest rates will increase next year. By the end of 2016, they expect interest rates to be around 5%. How does that affect you? If we look at purchasing a home, even a 1% hike dramatically affects a home sale. For instance, a $250,000 home now would cost $261,250 this time next year with a 1% rate increase. That makes monthly payments increase to $217.27 more a month compared to buying that home now.
It’s always good to be shopping around for the best interest rates. Always check your credit score and your debt-to-income ratios.
HUD has already put out it’s 2016 FHA loan limits. They will be increasing those limits in 188 countries next year. This backs up information that Freddie Mac reported on. They’re already thinking about it. If interest rates rise, loan limits will rise. The likelihood of interest rates going up is high!
As a buyer, it is going to cost you more money to purchase a home. This also affects rent prices, which will also be on the rise. It’s a great time to buy a home. You'll have the advantage of home appreciation and excellent rates. If you’re going to live somewhere, it’s best to invest in a home and build equity.
If you’re thinking about buying or selling a home, give us a call or send an email today!
16 episoder