What This Weeks Interest Rise Means For You
Mortgage rates are up again this week. This small change means you are paying THOUSANDS more for your home! To find out exactly how this national rate change impacts you in Western New York check out this post!
Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.96 percent, up 18 basis points from the same time last week.
What does this mean for you? Well in Lockport NY for example, the average home is $136,000. This means you will pay about $4,000 more over the life of a standard 30 year fixed rate mortgage.
As the real estate market in Western NY continutes to get better, prices will go higher and when you combine this with mortgage rates rising as well, it may be time to finally get off the fence and buy a home!
As of today, the 30-year fixed mortgage rate rose to 3.98 percent. There are always minor fluxuations in rates, but they are still at historical lows. Just a few decades ago they were as high as 18.5%! At rates like that, you would end up paying $521,000 more for your $136,000 house than you would today. Can you even imagine that!!!
If you are looking to sell your house and upgrade to something bigger, nicer, or newer give us a call. Our investment company can personally buy your home from you! Or if you would like to list your home with an agent, we have a licensed agent on our team who can do that for you.
If you are looking to buy a home give us a call! Arcane Properties has many homes we own that are being remodeled as we speak and may be a great fit for you! If not, our licensed Agent, Heidi McIntosh will work with you to help you find the perfect home just for you!
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