It usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their family has always wanted, and some make plans to finally make that dream come true.
If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:
“We think that conforming 30-year fixed rates probably make it into the4.625 percent to 4.75 percent rangeat some point during 2017 as a peak.”
Svenja Gudell, Zillow’s Chief Economist:
“I wouldn’t be surprised if the 30-year fixed mortgage rate hits4.75 percent.”
Mark Fleming, the Chief Economist at First American:
“[I see] mortgage rates gettingmuch closer to 5 percentat the end of next year.”
Lawrence Yun, NAR Chief Economist:
“By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percentrange.”
If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.
Author:Lynda Western Phone: 602-919-0857 Dated: February 5th 2017 Views: 430 About Lynda: A family oriented person, Lynda has a passion for helping people in unfortunate situations. An Ariz...
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The partners of Re/Max Preferred Choice specialize in both the purchase and sale of residential and commercial real estate, as well as providing property management services. We have been in business since 1996 and have a long history of providing exceptional customer service to our agents.
Home ownership rates are the lowest they have been in the last 50 year
My wife and I just bought our first house. After working with another Realtor® that was very pushy, just trying to make money, I was glad to find a home Justin was selling. He was very helpful and cared more about getting us a house we could make our home instead of just looking to get paid. He answered every question we had and walked us through every part of buying a home. We are so happy to be moving in and I have recommend Justin to a lot of co-workers and family already. He is also very responsive, whether it’s by e-mail, text, or phone. Thank you Justin for all your work in getting my family into a home.
Sean & Wendy in Glendale, on behalf of Justin Schlegel