Now that spring is here and we are moving closer to summer, which market trends do you need to keep an eye on moving forward as a buyer in 2018?
The movement of interest rates is an especially important trend right now. One of the biggest questions buyers are asking right now is how much they can afford for their monthly mortgage payment. Interest rates play a big part in answering this question, and though rates have started to increase lately, they are still at historic lows.
For the past five weeks or so, the average for a 30-year fixed rate has held steady at right around 4.25%. By the end of the year, this average is expected to climb to nearly 5%. This means if you are a buyer and you have been sitting on the fence, now is the time to get pre-qualified before you start searching for homes. The specific rate you get depends on a few different factors, including which loan program you choose, what your FICO score is, and what your loan-to-value ratio is.
If you are curious about how much home you can afford or you have any mortgage questions, feel free to give our preferred lender Mike Mihulka a call at (701) 364-9050. If you’re on the lookout for your dream home, give our team’s buyer specialist Tyler Walker a call at (701) 367-5211.
If you have any other real estate questions or needs, please feel free to reach out to our team regardless. We would love to help you.