Temperatures aren’t the only thing that are expected to rise over the next few months. According to recent market data, mortgage rates are also expected to increase.
This has a lot of implications for those hoping to buy a home or condo here. So if you’re currently considering investing in a Hilton Head Island area property, you’ll want to continue reading to learn more.
Mortgage Rates Nationally Expected to Rise
Evidently, according to major industry analysts, 30 year fixed-rate mortgages are expected to increase to between 5 and 5.6 percent by spring 2015.
As a means of comparison, rates are currently hovering around 4.5 percent.
Here’s a user-friendly way to see what the various agencies are predicting in terms of mortgage rates a year from now:
So What Does All This Have to Do With Buyers?
Basically, if you’re trying to get a great rate on a Hilton Head home for sale, then now is the time to start investing in a property.
Right now, rates are still low. But as you can see, those conditions probably won’t last long!
In fact, even a seemingly minor increase in interest rates can cost you significantly. For instance, when interest rates rise 0.5 percent, home buyers can expect to pay an extra $54,360 on a $500,000 30-year mortgage.
And when that interest rate on that particular mortgage is 1 percent higher, you’re looking at paying $110,160 more.
We Can Help You Find Your Dream Hilton Head Area Home
If you’re ready to relocate to the Hilton Head Island area and make this your permanent home, then please contact us at Rick Turner and Associates. We would be happy to help you navigate the market searching for the perfect home for you.
Here are just some of the types of properties we help home buyers like you find:
- Waterfront homes. These homes are simply gorgeous, with incredible views each time you look out the window.
- Bluffton Homes. These homes are a popular choice but those who don’t want to live in Hilton Head proper but still want to feel like they’re at the center of it all.
- Oceanfront Homes: These properties are highly coveted for their stunning views and of course, their easy access to all things related to water sports and recreation.
- Golf Community Homes: These properties are an ideal fit for those interested in improving their game, or at least having plenty of recreational options in their community on the weekends!
- Hilton Head Foreclosures: These homes provide residents with an excellent opportunity to get a great deal on a property.
- All Properties. This search is for people who are just starting out on the Hilton Head real estate market who want a chance to see all available homes.