Mortgage Interest Rates in 2019

Dated: 09/27/2018

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The interest rate that you pay on your mortgage has a direct impact on your monthly payment; the higher the rate, the larger the payment will be. That is why it's important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year.

Where Are Mortgage Interest Rates Headed In 2019? | Keeping Current Matters

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, home prices have appreciated 6.2% from this time last year and are projected to be 5.1% higher next year.

If both the predictions of home price and interest rate increases become a reality, families would wind up paying considerably more for their next homes.

Bottom Line

Even a small increase in interest rate can impact your family’s financial situation, so don’t wait to make a move. Meet with a real estate agent to evaluate your ability to purchase your dream home now.

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Stephanie Thompson

As a native of Columbus and graduate of The Ohio State University, I am very knowledgeable about our city and the surrounding suburbs. I am an active member in the Olentangy community. Whether you are....

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Mortgage Interest Rates in 2019

The interest rate that you pay on your mortgage has a direct impact on your monthly payment; the higher the rate, the larger the payment will be. That is why it's important to know where rates are

Read More