Interest Rates Projection

While interest rates are still really low we have been seeing the rates creep up.

The rates will effect the ability of first time buyers to jump into the real estate market.

With that in mind I wanted to update the blog to reflect the following from today's Inman News headlines:

"The Mortgage Bankers Association expects the interest rate on a 30-year fixed-rate mortgage to jump from 6.2 percent to 6.5 percent by the end of the third quarter, as investors lose hope that the Federal Reserve will slash short-term rates any time soon."

All in all still a pretty wonderful climate for getting a loan to buy your first property, but that rise in interst would translate into $50 a month on a $200,000 loan, or $10,000 of house bargaining money.