The Pulse Of The Kansas City Real Estate Market
Today’s amazing low interest rates make it one of the best times ever to purchase a home. If you’re a home buyer looking to purchase a home in Johnson County Kansas or the surrounding Kansas City area, you’ll want to take a close look at today’s low interest rates and consider what it would mean to you if you wait to buy and rates jump in the near future. It could be just as important to you as the sales price you’ll be looking at ever so closely.
Let’s compare today’s 4% mortgage interest rates to how things would look if they jumped 1% in the near future. On a $200,000 home, a borrower’s monthly principal and interest payment at 4% would be $955. Should they wait to buy a home and rates have jumped to 5% then the monthly principal and interest payment would be $1,074. That’s almost $1,500 more a year for the same home should mortgage interest rates go up 1%! So be sure you consider today’s historically low interest rates if you’re on the fence on whether now is the right time to buy a home.
Posted by Jason Brown