DON ’ T WAIT ! MOVE UP TO THE HOME YOU ALWAYS WANTED
Now that the housing market has stabilized , more and more homeowners are considering moving up to the home they have always dreamed of . Prices are still below those of a few years ago and interest rates are still around 4 %.
Sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn ’ t make sense . As rates increase , the price of the house you can afford will decrease if you plan to stay within a certain budget for your monthly housing costs .
The chart on the right details this point .
With each quarter of a percent increase in interest rate , the value of the home you can afford decreases by 2.5 % ( in this example , $ 10,000 ). Experts predict that mortgage rates will increase by at least half a point by this time next year .
Act now to get the most house for your hardearned money .
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