Mortgage Interest Rates Are On The Rise
By Jeff Cook | December 1, 2016
Have you been weighing the pros and cons about purchasing a new home? It's time to get off the real estate fence, folks. The one year LIBOR has increasesd. What is LIBOR you ask? LIBOR is a benchmark rate that some of the world's leading banks charge each other for short-term loans. This increase will cause the current mortgage rate to rise from 3.125% to 3.875%.
The bottom is gone. We don't want you to be one of those folks that doesn't understand it or doesn't jump in time, and have to experience high rates, or just not even be able to buy your dream home. Remember, every 1% incease in a mortgage rate can reduce your borrowing power by 10%. If $250k only afford you $225k a year from now, that's a big loss.
Again, if you are on the fence, get off of it! If you are thinking about selling, do it! Do it before you get double whammied, meaning that there will be less buyers because of the higher rates plus you'll be paying more interest to buy your next home. Let's talk today! Give us a call at 843-225-2002 or visit us online at www.JeffCookRealEstate.com.
Interested in your home value? Visit: www.843value.com
Interested in buying a home? Visit: www.JeffCookRealEstate.com
Jeff Cook Real Estate