The Mortgage Bankers Association (MBA) economists have revised their mortgage interest rates projections and are now predicting a slower than anticipated increase. The interest rate for 30-year mortgages are still projected to be in the high 6% range by fourth quarter of 2012. The revision is in how quickly the 30-year mortgage interest rates will rise from their current levels of high 4% range to the high 6% range.
In their June 11th forecast, the MBA economists predict the 30-year mortgage rates will gradually rise to 5.4% during the fourth quarter of this year, climb to 6% by fourth quarter of 2011, and reach 6.6% by fourth quarter of 2012.
If you are considering purchasing a Spring Texas home, a gradual increase in mortgage interest rates is good news. As it gives you time to find the right house without feeling you have to quickly make a decision before the interest rates skyrocket.
Mortgage interest rates have a significant impact on how much Spring Texas home you can afford and how much interest you will be paying over the long run. The table below identifies how much that 1% jump in mortgage interest rates will cost you.
We used Jill to buy our house in 2010. We then needed to sell it in the fall of 2013,... read moreWe used Jill to buy our house in 2010. We then needed to sell it in the fall of 2013, and knew we would call Jill again. She was so professional when we worked with her (both times). She was prompt to answer or respond to calls, always had a correct answer for any questions, and was great at navigating the bumps in the process. We had several issues in selling out house, but Jill always kept us calm, assuring us that everything would work out. She was absolutely right! Now I want to recommend her to all of my friends, and wish I could use her again--unfortunately, we won't be moving for a while! read less