Page 13 - Things to consider when buying a home

Be Thankful You Don't Have To Pay Mom & Dad's Interest Rate

Interest rates have hovered around 4% for the majority of 2017, which has given many
buyers relief from rising home prices and has helped with affordability. Experts predict
that rates will increase by the end of 2017 and will be about three-quarters of a
percentage point higher, at 4.5%, by the end of 2018.

The rate you secure greatly impacts your monthly mortgage payment and the amount
you will ultimately pay for your home. Don't let the prediction that rates will rise to
4.5% stop you from buying your dream home this year!

Let’s take a look at a historical view of interest rates over the last 45 years.

BottomLine

Be thankful that you can still get a better interest rate than your older brother or sister
did ten years ago, a lower rate than your parents did twenty years ago, and a better rate
than your grandparents did forty years ago.

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