The interest rate you pay on your Rancho Cucamonga home mortgage has a direct impact on your monthly payment. The higher the interest rate the greater your mortgage payment will be. That’s why it’s important to find out where rates are headed when deciding to buy now or wait. Depending on the amount of your home loan, even a half of a percent (.5%) increase in the interest rate can increase your monthly mortgage payment significantly.
Interest Rates Expected to Rise in June 2015
The Federal Reserve is signaling it’s intentions to raise interest rates in June. This will be the first increase since 2006.
Click the image below to follow a link to a Daily Real Estate News article. As you can see interest rates are projected to increase and steadily rise over the course of 2015.
The Bottom Line
Don’t hit the snooze button. Experts are also predicting that home prices will appreciate over 4% during 2015. If both predictions become a reality, Rancho Cucamonga homebuyers could wind up paying considerably more to own a home. Realizing that even a slight increase in interest rates could significantly impact you, it’s a good time to contact us to evaluate your ability to buy your Rancho Cucamonga dream home.