mortgage rates

Buy a Home Before Mortgage Rates Increase

If you’re hoping to buy a new home in Pickens in 2019, it should please you to know there’s no time like the present. Mortgage rates for a 30-year fixed rate purchase are presently as low as 4.6% as predicted by Bankrate (for the end of 2018). Market predictions also determine rates are not going to stay this low, and they’ll likely reach 5% by the end of the year by way of a gradual climb over the months.

mortgage ratesWith these reliable predictions in mind, now is an excellent time to plan on purchasing a home in or around Pickens and Greenville Counties. The rates are not going to drop again throughout the rest of 2019, so if you’re hoping to take advantage of the best rates of the year, start shopping now. It may seem smart to wait it out for another drop, but with the housing market almost completely recovered, this move will likely end up costing you more when you decide to purchase a home.

Even slight increases in rates can add money to your monthly mortgage payment. For example, if you decide to purchase a home in Pickens County next month for $200,000 and the mortgage rate stays at 4.62% for a 30-year fixed-rate loan, you can expect an approximate mortgage payment of $1,028 per month.

If you purchase a home this fall, when the rate has reached 5%, you could expect to spend $1,074 per month on your mortgage payment. While this is only a difference of $46 monthly, that difference can add up to $552 per year and $16,560 in extra expenses throughout the life of your loan.

Both rates and home prices will rise as the year continues, likely peaking around the summer months, when the market is more saturated mortgage rateswith buyers and sellers. Fall and winter have consistently been the least competitive times of the year for homebuyers, with January and February averaging home prices of up to 8.45% less than home prices from June to August according to Nationwide.

If it has been your goal to become a homeowner, now is the very best time in 2019 to purchase your home. For more on this year’s mortgage rates, check out this article at Financial Samurai.

When the time comes to buy or sell your home, you’ll need an experienced Real Estate professional and a reputable lender. Call Samantha Lee and Frux Homes of Keller Williams Seneca to get the answers you need! We’re eager to make your South Carolina dream home come true. We can help you buy anywhere in Pickens County, Greenville County, and Oconee County, which includes the following cities and surrounding areas:  Lake Keowee, Sunset, Seneca, Pickens, Travelers Rest, Cleveland, Greer, Taylors, and Easley. Give us a call today, 864 214 0311!