<photo: Mortgage Capital Associates>
It’s no surprise that mortgage rates are slowly rising. After holding around the 4% mark for years, it was bound to happen. The good news is that the pace IS slow. Yet even small bumps in the rate can mean a lot to your monthly bottom line. Case Shiller’s February 2017 report on the Greater Atlanta Metro Market covering results through January 2017 compares those differences in the chart below:
|Mortgage||3.5%||30-Year Cost||5%||30-Year Cost||8%||30-Year Cost|
Although we’re not expected to reach the 5% rate in 2017 – the Case Shiller report forecasts that the average increase across Fannie Mae, MBA, and NAR will rise to 4.63% in Q4 2017 – the numbers show how even small increases make a big difference. Another good reason to buy (vs. rent).
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