If you’re thinking about listing your home for sale, you need to be aware of mortgage interest rates. Here’s what some key sources are predicting the average 30 year mortgage interest rate will be in the 4th quarter of 2014:
Source Predicted Rate
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Fannie Mae 5.3%
National Ass’n of Realtors 5.5%
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Freddie Mac 5.2%
Mortgage Bankers Ass’n 5.1%
Why is this important if you’re selling a house? Look at it from the Buyer’s perspective: many Buyers will need a mortgage, and have a budget for a monthly mortgage payment they can afford. At today’s rate (4.15%), the monthly payment on a $250,000 mortgage would be $1,215.26, but next year if the rate increases to 5.3%, that payment would be $1,388.26 (an increase of $173.00 per month).
As your REALTOR® I’ll be glad to discuss strategy and timing for listing your home for sale, as well as ideas for effectively marketing your home in a time of increasing interest rates. Using great photos, videos and online marketing will be more important than ever. Text, email or call me, or send me a tweet @ListWithLen.
Len
Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)
