Last week the Federal Reserve left November interest rates alone, but economists like Harm Bandholz of UniCredit in New York are anticipating a possible rate increase in December.
“The Fed is seriously considering a December rate hike,” said Bandholz in a Reuters article after the Fed’s two-day policy meeting last week.
What does that mean for you if you are in the market for a new home? That means that you want to start shopping now and talking to possible mortgage lenders about getting pre-approved for a home loan.
The sooner you lock in the current interest rate, the better off you will be. Even if the Fed doesn’t raise rates in December, they won’t remain at their current level for much longer, and every tenth of a percent increase drives up your monthly mortgage payment. Look at this chart to see the impact of interest rates on your purchasing power!
If you’re ready to start searching for your next home, I’ve made it easy for you. Just download my free Home Search app to your smartphone or tablet, iOS or Android, and you can house shop anytime, anywhere!
Have questions or concerns? Call me at 206-391-0388 anytime. I’m happy to help.
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