Interest Rates Still Keep Affordability In Check
Although mortgage interest rates have inched upward, rates still remain low when compared with historical trends. With lower interest rates, homebuyers can afford more home and as a seller, you'll likely be able to sell your home for more.
Interest rates are affected by the U.S. and world economies, so with job and industrial growth, interest rates generally rise. With any uncertainties, rates tend to level off or even drop. Keep in mind that trying to secure the lowest interest rate for a loan is a fool's game. When you're ready to buy, lock in the current interest rate and proceed with your home purchase.
HOT TIP FOR HOMEOWNERS: Refinancings aren't out of the picture. Talk to your local lender to find out if you can save money on your existing mortgage by refinancing. Depending upon your mortgage rate and term, you may be able to save money with new rates, a new term, or both.