Keller Williams Realty
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WHAT ARE YOU WAITING FOR?
IT'S TIME TO GET SERIOUS ABOUT BUYING-BEFORE AN INEVITABLE RISE IN INTEREST RATES WIPES OUT YOUR ADVANTAGE.
B E Y O N D T H E H E A D L I N E S
"The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.”
Interest rates have increased by 0.6 percentage points in five weeks...the fastest increase in two decades.
January 24, 2008: 5.48%
February 21, 2008: 6.04%
Let’s look at the effect of interest rate hikes and home price declines and how they might affect your finances.
TODAY
SCENARIO 1
SCENARIO 2
SCENARIO 1:
Home prices decrease by 5%
Interest rates increase by 0.5%
SCENARIO 2:
Home prices decrease by 10%
Interest rates increase by 1.0%
$218,900
Home Price:
Home Price:
-5% | $207,955
Home Price:
-10% | $197,010
Interest Rates:
6.04%
Interest Rates:
+0.5% | 6.54%
Interest Rates:
+1.0% | 7.04%
Your Payment:
$1,054
Your Payment:
$1,056
Your Payment:
$1,053
I T ’ S C A L L E D A B U Y E R ’ S M A R K E T F O R A R E A S O N
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