Homes in Springfield, MO - Selling and buying homes
2017 is fast approaching and the housing market is seeing a few changes with increased interest rates and fewer homes on the market, but don’t let this alarm you…higher interest rates are not all bad. Let me explain.
- Put rate increases in perspective…it’s not as bad as it sounds!
Rate increases raise monthly mortgage payments but probably a lot less than homebuyers expect. For example, if you are borrowing $350,000 with a 30-year loan at current rates of about 3.5 percent, your monthly payment is $1,571.66
Should your rate increase to .25% your payment would increase to $1, 620.90… this would yield a monthly increase of $49.24 ...