In Case You Missed It

Dated: 12/02/2015

Views: 393

As the market is in full swing rounding out the year, we need to start thinking about what is to come in 2016. Mortgage interest rates are predicted to increase over the next twelve months.

We have access to an abundance of real estate resources not available to the public. We want to simplify this exclusive information for you - now is the time to act. Here’s why:

  • Interest rates are predicted to jump by nearly 1%.

Take a look at how interest rates will effect monthly payments if a buyer were to wait to purchase:

PRICE

$150,000

$200,000

$250,000

$300,000

$350,000

CURRENT RATE

4%

4%

4%

4%

4%

PAYMENT (Principle & Interest)

$716.12

$954.83

$1,193.54

1,432.25

$1,670.95

NEW RATE

5%

5%

5%

5%

5%

NEW PAYMENT(Principle & Interest)

$805.23

$1,073.64

$1,342.05

$1,610.46

$1,878.88

MONTHLY DIFFERENCE

$89.11

$118.81

$148.51

$178.21

$207.93

 

For another example, a $150,000 house today would need to be lowered to $133,500 to keep the same monthly payment with the new interest rate.

Take advantage of these interest rates before they skyrocket! Don't miss the opportunity to own your dream home today. To see the most accurate list of homes on the market in Sioux Falls and surrounding areas, visit jeff.siouxfallsbesthomes.com. This is a great place to start the home buying process. 

Please reach out if you have any questions, we are happy to help.

Blog author image

Jeff Merrill

I’ve been in real estate for many years and take a pro-active approach, using all sources of modern media to accomplish the goal. I devote myself to serving the needs of my clients before, during an....

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