Wednesday, June 17 2015
If you are looking to buy a house soon you should be watching the interest rates very closely. Last month rates were around 3.75% and today they have moved closer to %4.25. Although a half of a percent doesn't seem like much it means $41/month more for every $100,000 borrowed on a 30 year loan. That means a home for $500,000 will now cost $205 more per month today than it did last month. Over the full course of the loan that's $73,800 more out of your pocket! And that is for the same house you could have bought last month!
Interest rates are projected to continue to go up throughout the next few years. Where they will go is still up for debate but once the Fed raises interest rates, which is expected in the fall, rates will climb. If you are thinking of buying or refinancing, do it now and save yourself a ton of money.
Contact Marilee Murphy today for all of your home buying, or selling, luxury homes or new construction needs. I am dedicated to making sure you have a smooth transition from start to finish. Use my website to search available properties in Loudoun County located, in Northern Virginia, specifically the towns of Sterling/Potomac Falls, Ashburn, Leesburg, Chantilly, and Aldie as well as properties in Fairfax County, and Prince William County areas. You can also sign up to receive free listing updates by email