How Feds Raising Rates Again Will Affect Home Buyers & SellersPosted by Jennifer L on
Today the federal reserve announced that it will be raising the federal fund rates .25% from 1.5% to 1.75%. The question is how will this affect you if you are buying a home or selling a home. Well, if you are a lucky home buyer that already locked in your interest rate with a mortgage lender you have nothing to worry about. But, if you are home shopping now and have not secured a loan and interest rate, you will most likely be affected. This is not a dramatic increase and if you do the math of $200,000 at 4.5% vs 4.75% the payment change is only $30 per month. Now if you are looking for a larger mortgage let's say $750,000, you are going to see a payment increase of $112 per month using those same example rates.
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