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Mortgage Interest Rates Have Begun to Level Off

Whether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading.

Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of January to 4.40% in the first week of April.

At first glance, the difference between these numbers in such a short amount of time could be concerning, but if we look at the graph below, we’ll see that rates have already started to level off and return to the mark set in February.

Mortgage Interest Rates Have Begun to Level Off | MyKCM

This is great news for anyone looking to buy a home this spring! The spring is always one of the busiest seasons for home buying, and with rates increasing even more, buyers have come off the fence to lock in great rates! This is still great advice as the experts believe that rates will continue to rise throughout the year.

Every month, Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors release their projections for where they believe mortgage rates will be in the coming months. If we take the average of what each of the four organizations is predicting for the second quarter, rates are expected to rise to about 4.48% by June.

That average climbs to 4.73% by the end of this year.

So, what does this mean?

Waiting until the end of the year to buy, with rates still projected to increase, will end up costing you more money on your monthly mortgage payment. For every $250,000 you need to borrow to purchase your dream home, you will spend $49.21 more per month, $590.52 per year, and over $17,700 by the end of your 30-year mortgage.

And that’s just the impact of your interest rate going up!

Bottom Line

If you are ready and willing to purchase a home, find out if you’re able to. Let’s get together to evaluate your needs and help you with next steps!

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About Area

Blairsville, Georgia is a small mountain town located in the beautiful Blue Ridge Mountains. Widely known for being one of the most desirable destinations for outdoor adventurers, people come to Blairsville for mountain biking, hiking, fishing or just to marvel at the perfect beauty of nature. A large portion of the area is in the Chattahoochee National Forest, and therefore, will remain untouched and naturally serene and beautiful. In 1942 Lake Nottely was created by the Tennessee Valley Authority for power production. The resulting 4,180 acre lake today is a source of Summer fun, with boating, fishing and swimming abundant, and the river that feeds the lake offers some of the best trout fishing in the state. Vogel State Park, located just outside of town, is centered around Trahlyta Lake and Trahlyta Falls. With rustic cabins on site, and primitive camp sites, you can stay for days or weeks and enjoy swimming, paddle boating and fishing in the lake, hike to the falls, or even play putt-putt. Just beyond Vogel State Park are several more waterfalls with hiking trails and areas to camp, fish, or play in the creek. In addition to all of the majestic waterways running through the valleys, the highest elevation in the state of Georgia is in Blairsville, on top of Brasstown Bald Mountain. Here, you can hike up to the visitor’s center (or take a shuttle) where you have a 360⁰ view, and can see four different states on a clear day, have a picnic, visit the gift shop, and if you’re feeling adventurous, take one of the longer hiking trails, one of which leads to the Appalachian Trail. You won’t be surrounded by department stores or chain restaurants in Blairsville, but you can find handcrafted, original creations in the small shops, or if you visit the Farmer’s Market or one of the many festivals throughout the year. This is certainly a beautiful and unique town worth seeing, perhaps you’ll even want to stay, and if that’s the case, contact your Century 21 Scenic Realty. We are always here for you!

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