Interest Rates On Mortgages Set To Rise

Interest Rates On Mortgages Set To Rise

If interest rates rise it will make financing on a home mortgage more expensive, so if you're looking to purchase a home within the next year, it might be a good idea to buy before rates go up.  The Federal Reserve has indicated that it could start raising rates next year.  If rates do rise it will impact both buyers and sellers.  A bank will figure out how much it can loan a buyer and still expect it to be repaid.  The amount you can borrow depends on how much money you make and how much the monthly payment of the mortgage will be.  If interest rates rise, even slightly, they could send home prices and values lower, simply by reducing the ability of new buyers to pay for a home.  So buy while the rates are so low!

Margaret Laurano Headshot
Phone: 201-859-6323
Dated: August 4th 2016
Views: 1,184
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