The feds are raising interest rates by 1/4 percent.
Interest rates are still at historic lows, over 4% less than they were before the recession hit in 2008.
However, Feds might raise rates more if the economy continues to climb, so if you are in the market to buy a home, it might be a good idea to lock in your rate now.
Monthly mortgage payments increase about $15 per month per $100,000 for 30 year mortgages. Looking at a $300,000 loan? Expect to pay close to $45 more on your monthly payment or about $15,000 over the course of 30 years.
We know some good lenders if you need to talk about your options!
- Jennifer Davis – Priority Mortgage
- Korey Kincade – First Federal Community Bank
They don’t pay us to say that, our clients just really like them ?