07 May . 2018
With interest rates rising, what will it cost to wait to buy a new home?
Experts agree that mortgage interest rates will trend upward over the next year. Waiting to buy can make a significant difference in your monthly payment, and can add up to a huge amount over the life of a 30-year mortgage.
As our infographic shows, an interest rate rise of less than one percent can increase your monthly payment by enough to cover the cost of a new car. Over a year, the difference could be enough to make a significant dent in credit card debt. Over the life of a 30-year mortgage, the extra cost of a higher interest rate could amount to the equivalent of college tuition.
Our infographic is based on the latest average interest rate information and the average cost of a new home in Elyson. As interest rates fluctuate constantly, it’s meant to provide a general idea of the potential cost of waiting. For the latest and most specific information, please talk with your real estate agent or homebuilder sales consultant.
Find your new home now at Elyson while interest rates are still near their historic lows.