Everyone expects interest rates to continue to rise in 2017. How high will they get and how will those increases affect you?
Where are mortgage rates heading?
This year, interest rates will continue to rise. We pulled the numbers from the top four financial institutions in order to predict what rates will look like throughout 2017.
During the first and second quarter, rates should be around 4.25%. By the end of the year, rates could be anywhere from 4.5% to 5%.
What does that mean to you?
Let’s put it this way: A 1% rise in interest rates equals a 10% loss in your purchasing power. That means your monthly mortgage payment will increase by 10%.
If you have any other questions about mortgage rates and how they will affect your 2017 real estate goals, please give me a call at (773) 312-5932 or send me an email at Leigh@MarcusRealtyTeam.com. I would love to help you!