For all buyers trying to get in contract right now, the same question is on everyone's mind: what are interest rates today, and how much is my loan payment going to be after my offer is accepted?
This informational slide below, compliments of the California Association of Realtors, gives us a pretty good idea on the impact of any change in the rates:
Also, here is a good link for current mortgage rates, to keep abreast of interest rates in general.
Tip: unless you are a gambler, it is usually a good idea to lock the rate the moment you are in contract to purchase a home.
Should 30-yr fixed rates increase too much on you, and you cannot qualify for the same amount any longer, you may have to consider a loan that would be fixed for a few years, and which then becomes adjustable. These are the "3-yr, or 5-yr, or 7-yr fixed then adjustable" loans. The starting rate, on which you are qualified by the lender, is lower, and that in turn allows you to qualify for a larger loan amount. Ask your lender to advise you on the matter.
Let me know if I can help with any of your real estate questions!
Thank you for reading!
Francis
Price your home online
Detailed, local trends etc...
A worthy local non-profit to remember: Community Services Agency in Mountain View.
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