So what is an interest rate? Basically, it is what you pay in order to borrow money. In the case of a mortgage, the bank will collect a percentage for allowing you to borrow money to buy a home. This is extremely helpful with the buying of property since many homes cost more than what people have available on hand to spend. So what does this mean for you? One important thing to remember is that interest rates on your mortgage will impact your monthly payment! The higher the rate, the higher your monthly payment. Of course, other things will also effect your payments. But keep in mind, that interest rates do as well. This is significant since the interest rates are projected to increase throughout 2018.
See the chart below to learn more about where interest rates are expected to be in the next year. To find out more about interest rates, mortgages and/or homes for sale, call/text Tamela at: 931-237-1417.