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Interest Rates Are Edging Up
Interest Rates are Edging Up
Lenders will agree that interest rates are bound to go up in the future unfortunately they will increase sooner than most people imagine.
I study trends in the real estate industry often and the low interest rates on the past few years are coming to an end. What does that mean to your ability to purchase your home. A $200,000 home at 3.5% is $898/month where a $200,000 home at 4.5% is $1013/month. The difference of $120/month adds up to $1440/year. Time is not on your side in an appreciating market.
An increase in interest rates means that the “Cost of Borrowing Money” increases which may effect your ability to qualify for the home you want. If you have been thinking about buying now would be the best time to make a purchase before rates increase.
The current market condition along the Emerald Coast is offering buyers substantial opportunities to build long-term wealth. Those buyers who wait will miss the opportunity.
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