With interest rates still below 4%, many buyers may be on the fence as to whether to act now and purchase a new home, or wait until next year. If you look at what the four major reporting agencies are predicting for 2016, it may make the decision for you. The chart below averages the predictions by quarter.
With the exception of Fannie Mae, the experts agree that interest rates will increase by three-quarters of a percentage point, costing you more to pay back your loan.
Bottom Line
Even a small increase in interest rates will make it so that you can buy less home for the same monthly payment. So, the answer is that if you’re ready to move now, this is the time! Lets get together and discuss your options.
