The interest rate you pay on your condo in Myrtle Beach, of course, affects your monthly payment. That’s why we need to take a look at where the experts believe rates are headed when deciding to buy now or wait.
Since the beginning of the year, the 30-year fixed mortgage rate has fallen half a percentage point and has stayed at or below 3.5% for the last 11 weeks, according to Freddie Mac’s Primary Mortgage Market Survey.
The following reports show how far rates have fallen. Here are some links to where you can see the projections from Freddie Mac, Fannie Mae and National Association of Realtors. It clearly shows that rates are projected to increase over the next 12 months. So now is the time to start the buying process if you’re looking to buy a condo in Myrtle Beach.
How will this affect your payment? It definitely depends on how big your loan is. Even a .5% increase in the rate can affect the payment significantly. According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.0% over the last year and are predicted to be 5.4% higher next year.
If both predictions are correct, then you could end up paying more for a Myrtle Beach condo if you wait.
The Jerry Pinkas Real Estate Experts are here to help you start the process of applying for a mortgage now and finding the perfect condo in Myrtle Beach. Contact us today!