With interest rates around 3.66%, now is a great time to look back at where they’ve been over the past few decades. Comparatively, they’re pretty low!
According to Freddie Mac, rates are projected to increase to 3.9% by this time next year.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan.
Maybe it’s time to lock in now, while rates are still historically low.
Christy Reece is a licensed realtor at Mountain Place Realty in Blue Ridge, GA. Christy specializes in North Georgia properties in and around Blue Ridge, Blairsville, Ellijay, and Hiawassee. Whether you are looking to purchase or sell a primary residence, second home, rental income property or land, Christy is here to serve you.