According to S&P Case Shiller, December saw home prices increasing and February consumer confidence hit the highest level since November, 2000. Wage increases, higher product prices, home value increases and consumer confidence at a multi year high predict increasing mortgage rates.
Here's where all of this information took me this morning:This morning, I calculated an increase of $47/mo in house payment at a future 4.8% interest rate versus what we have available today. My client this morning was wondering if buying now or waiting until the end of the year made the most sense considering they are locked into a rental contract until year end?
|Mortgages with Marty in Utah!|
With higher rates and higher sales prices at year end, my client is now wondering if it makes sense to break their lease early and purchase now?
If you would like to review your options to purchase or refinance, give me a call at 801-540-5108.My reviews