Cincinnati Real Estate: Rising Interest Rates
I received some useful information from one of the loan officers I work with, Mike Zipfel from Midwest Mortgage. Home loan interest rates have been on a downward trend for the last few months, however as the economy begins to stabilize, and the stimulus money enters the economy, interest rates are beginning to rise. In the last week, rates have risen above 6% for the first time in recent history.
There are wide economic factors that drive interest rates and a number of economists on a recent NPR program feel that as inflation begins to appear interests rates will rise. A 1% change in interest rates can make a difference in the price range that a buyer afford. Below is a table that shows the impact a 1% interest rate increase can have in the monthly payments on a 30 year mortgage.
With this information in mind we are suggesting that any prospective home buyers who have been considering making a move do so now to take advantage of the affordability of Cincinnati’s current real estate market, the low interest rates, and the $8,000 tax credit for first time home buyers.
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Cincinnati Real Estate: Rising Interest Rates · Real-Estate.ExplainedHere.Com
Jun 1st, 2009[...] Original post by Cincinnati Living Online [...]
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Aug 2nd, 2009[...] 5% and 6% which is a substantially lower than the 15% interest rates of the 1980’s. I wrote a previous post about the buying power that small changes in interest rates can have on a 30 conventional [...]