Sell and Move Up (or Downsize)
And, here's why.
Today’s rates are below 3%, but experts forecast rates to rise over the next few years.
If the interest rate on your current mortgage is higher than today’s average, take advantage of this opportunity by making a move and securing a lower rate.
Lower rates mean you may be able to get more house for your money and still have a lower monthly mortgage payment than you might expect.
Breaking It All Down:
Using the chart above, let’s look at the breakdown of a $300,000 mortgage:
- When mortgage rates rise, so does the monthly payment you can secure.
- Even the smallest increase in rates can make a difference in your monthly mortgage payment.
- As interest rates rise, you’ll need to look at a lower-priced home to try and keep the same target monthly payment, meaning you may end up with less home for your money.
- No matter what, whether you’re looking to make a move up or downsize to a home that better suits your needs, now is the time. Even a small change in interest rates can have a big impact on your purchasing power.
Refinance Your Current Home
Please feel free to reach out to me personally with any questions related to buying or selling your home in the Dallas Fort Worth area at (9817) 952-9000.