Interest Rate Effects

How does an interest rate change affect you?

$1,000 Payment 30 year Loan

3.5% loan amount – $222,200

4.5% loan amount – $197,400

 

1% Change in rate is a 10% change in buyer’s price!

 

Interest rate history for past several months

1^st Quarter 2016 – 3.6%

2^nd Quarter 2016 – 3.6%

3^rd Quarter 2016 – 3.4%

4^th Quarter 2016 – 3.9%

1 Quarter 2017 – 4.2%