Tuesday, July 15, 2014
Tuesday, July 1, 2014
Posted: 01 Jul 2014 04:00 AM PDT
Whether you are a first time buyer or a move-up buyer, you should look at the projections housing experts are making in two major areas: home prices and mortgage rates.
PRICES -Over 100 economists, real estate experts and investment & market strategists wererecently surveyed. They were asked to project where home prices were headed. The average value appreciation projected over the next twelve month period was approximately 4%.
MORTGAGE INTEREST RATES -In their last Economic & Housing Market Outlook, Freddie Mac predicted that 30 year fixed mortgage rates would be 4.8% by this time next year. As of last week, the Freddie Mac rate was 4.14%.
What does this mean to you? -If you are a first time buyer currently looking at a home priced at $250,000, this is what it could cost you on a monthly basis if you wait to buy next year: