Mortgage rates rise again, but shouldn’t affect home buying

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 · How rising rates affect current home mortgage rates. The federal funds rate is very weakly tied to mortgage rates. In fact, there have been some instances in the past when mortgage rates have gone down after a rate hike, Bankrate reported. In today’s climate, though, mortgage rates seem to be on the ascent.

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 · Now, if you need to refinance and rates are back up to that average of 7.5%, you’d end up with a payment of $2,097.64 each month. You’d be paying $750,51 cents more every month. You’d not only lose your positive cash flow; you’d have to find $550.51.

But let’s say rates rise to 5.5%. Still a great rate, but 1% higher than you planned. Now you are limited to a purchase price of $265,000, again assuming 20% down. That’s a 10.17% reduction in buying power and $30,000 shaved off your maximum purchase price.

Inflation and other economic events are making it more expensive to borrow. Bankrate’s benchmark 30-year mortgage rate is currently 4.78 percent, which is the highest level since July 2011. Back in March, rates averaged just 4.54 percent. For a $200,000 mortgage, that increase means an additional cost of $10,363 in interest over 30 years.

Mortgage Interest Rate forecast for May 2019. maximum interest rate 5.24%, minimum 4.80%. The average for the month 4.98%. The 30 Year Mortgage Rate forecast at the end of the month 5.09%.

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Interest rates are going up again in 2018. The U.S. central bank raised short-term interest rates three times in 2017, thanks in part to low unemployment figures, aided by decent growth in gross domestic product. Expect that trend to continue. Next year should see three more 0.25 percent rate hikes, according to experts surveyed by Bankrate,

How Does Interest Rates Affect The Real Estate Market. Most people are aware that mortgage interest rates affect the real estate market. Most people are not aware of HOW MUCH they affect the process of buying a home or selling a home.. Interest rates can single handedly be the most important factor in the viability of the real estate market.

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