How Will Rising Interest Rates Affect You?
June 6, 2017 | Linda Ash
Mortgage rates are anticipated to continue to rise throughout 2017. The good news is rates still remain at historically low levels.
Although mortgage rates are rising, they still represent exceptional value for anyone in the home buying market, from first time buyers to move up homeowners. Rates for both 15 and 30 year fixed rate mortgages are currently below 5%, giving you some home buying power.
However, according to CNN Money, another rate hike could be around the corner. Fed leaders meet again in June, and Wall Street predicts there’s a 67% chance of a June rate increase. Additionally, the majority of the Fed’s 17 leaders predict two or more rate hikes for the rest of the year. (CNN Money, Gillespie).
So, what does all this really mean for you? It means as interest rates rise, it may prove more difficult to purchase a home for some buyers. Now is an opportune time to buy a home since interest rates remain historically low. Contact one of the Ash & Rose Team REALTORS at 904-473-9038 for more information.