Mortgage rates have been increasing lately and there is an expectation that they will move higher this year. But while home prices get a lot of attention, rising mortgage rates are a little more difficult for buyers to calculate in terms of what it will cost them. Here's some help. According to one recent model, a less than one percent increase in mortgage rates over the next year would result in a $100 increase to the typical monthly mortgage payment. But since the costs of homeownership are influenced by many different factors, this projection has to make certain assumptions about things like the rate at which home prices will increase, for example. In other words, any increase to mortgage rates will cost home buyers but just how much is difficult to calculate precisely. So what should home buyers expect? Well, since a stronger economy and improved job market make it more likely that the Fed will raise interest rates further this year, buyers should expect that mortgage rates will remain low by historical standards but continue to edge higher, taking monthly mortgage payments higher along with them.

Buyers in Eastern, NC have started reacting to the interest rates. Although rates are still very low, in comparison to where they have been in the past, buyers are not waiting to see how high they are going to get. The housing market in Eastern, NC is booming with many new homes in so many sizes, styles and prices. Buyers are out and loans are being made in this area. To see some of the homes available go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  More here.

How Mortgage Rate Increases Affect Home Buyers 

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