Buying Your Dream Home
Moving Up to Your Dream Home?
It appears Americans are regaining faith in the U.S. economy. The following indexes have each shown a dramatic jump in consumer confidence in their latest surveys:
- The University of Michigan Consumer Sentiment Index
- National Federation of Independent Businesses’ Small Business Optimism Index
- CNBC All-America Economic Survey
- The Conference Board Consumer Confidence Survey
When people are optimistic about the economic future, they begin to dream again about the home their family has always wanted. Some begin to make plans to finally make that dream come true.
If you are thinking about buying your dream home, it may be better to do it sooner rather than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year goes on.
Here are some expert predictions on where mortgage rates will be by the end of the year:
“We think that conforming 30-year fixed rates probably make it into the 4.625 percent to 4.75 percent range at some point during 2017 as a peak.”
Svenja Gudell, Zillow’s Chief Economist:
“I wouldn’t be surprised if the 30-year fixed mortgage rate hits 4.75 percent.”
Mark Fleming, the Chief Economist at First American:
“[I see] mortgage rates getting much closer to 5 percent at the end of next year.”
Lawrence Yun, NAR Chief Economist:
“By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percent range.”
Real Estate Bottom Line
If you are feeling good about your family’s economic future and are considering making a move to your dream home, let’s make it happen!