Prices & Mortgage Rates Going Up in 2016

The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016.

HOME PRICES

CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state:

Map chart of forecast home price changes by state, with a 5.2% United States forecast.

MORTGAGE INTEREST RATES

All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters:

Mortgage rate projections chart shows the average rising from 4.05 in 2016 Q1 to 4.6 in Q4.

Bottom Line

With both home values and interest rates projected to increase over the next twelve months, buying (or moving up) sooner rather than later makes sense.

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