We can all agree that mortgage rates have been phenomenally low for a long time. The Mortgage Bankers Association, Fannie Mae and the National Association of Realtors have all projected that the 30-year mortgage rate will be at least 4% by the end of 2013. Historically, 4% is still an amazing interest rate! When I first started helping people buy and sell homes, rates were 10%. (Yes, I know I’m dating myself!) Even 10% wasn’t bad considering the history of mortgage interest rates.
If we assume that rates will still be at 4% in twelve months, here is the difference a buyer will pay if they wait.
This article originally posted by Keeping Current Matters. Read more articles like this at www.KCMblog.com.