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Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate | Simplifying The Market

Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over the last 45 years.

Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate | Simplifying The Market

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

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Susan Deierling Team

Sedona AZ Real Estate BrokerSusan Deierling, CRS, ABR
Assoc. Broker
Sedona AZ
(928) 301-4949 mobile/text/VM
susan@susanandtroy.com

Sedona AZ Real Estate BrokerTroy Deierling, CRS, ABR
Realtor
Sedona AZ
(928) 202-0700 mobile/text/VM troy@susanandtroy.com

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  • Things to Avoid after Applying for a Mortgage [INFOGRAPHIC]
    January 15, 2021
    Some Highlights There are a few key things to make sure you avoid after […]
  • Why Right Now May Be the Time to Sell Your House
    January 14, 2021
    The housing market made an incredible recovery in 2020 and is now […]
  • Will Forbearance Plans Lead to a Tsunami of Foreclosures?
    January 13, 2021
    At the onset of the economic disruptions caused by the COVID pandemic, the […]
  • 4 Reasons People Are Buying Homes in 2021
    January 12, 2021
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  • What Does 2021 Have in Store for Home Values?
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160 Roca Roja Rd $139,000

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RE/MAX Sedona
1165 W AZ-89A, Sedona, AZ
(928) 301-4949 Susan
(928) 202-0700 Troy

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