Freddie Mac announced recently that rates on a 30-year fixed mortgage rose to 4.72 percent. Plus, rates are going to continue to rise. They’ve already risen over 3/4 of a percent higher than they were at the start of 2018.
You might be hoping that prices on homes will drop and planning to make your purchase at that point. This won’t likely actually save you any money though. See, even if the sticker price comes down, that doesn’t mean you’ll pay less. If you are like almost everyone else, you’re not going to pay cash for your new Marco Island home. You’re going to finance it.
With a lower interest rate, you will pay less monthly and over all than a lower priced home with a higher interest rate. In fact, for every 0.25 percent interest rates rise, the amount of a home you can afford declines by 2.5 percent.
If you’re thinking of purchasing a Marco Island home, please call us soon. Interest rates will continue to rise, and are expected to be well over 5.0 percent by this time next year.
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Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
- Marco Island homes for sale from $100k to $200k
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- Marco Island homes for sale over $1 million