{"id":37146,"date":"2010-07-08T10:29:22","date_gmt":"2010-07-08T10:29:22","guid":{"rendered":"http:\/\/forestridgevoice.com\/2010\/07\/08\/a-dumb-reason-not-to-buy-a-home\/"},"modified":"2019-04-23T20:53:42","modified_gmt":"2019-04-23T20:53:42","slug":"a-dumb-reason-not-to-buy-a-home","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/a-dumb-reason-not-to-buy-a-home\/","title":{"rendered":"A DUMB REASON NOT TO BUY A HOME"},"content":{"rendered":"<p>Whenever we purchase any big-ticket item we first look at the price.\u00a0 Unless you are buying all cash, you must take into consideration the expense of financing your purchase.\u00a0\u00a0\u00a0In real estate the expense of financing is the mortgage interest rate.\u00a0 Let&#8217;s take a look at how interest rates impact the monthly cost of a home.\u00a0<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-medium wp-image-609\" title=\"Mortgage-Rate-Affect\" src=\"http:\/\/forestridgevoice.com\/files\/2010\/07\/Mortgage-Rate-Affect3-300x201.jpg\" alt=\"Mortgage-Rate-Affect\" width=\"300\" height=\"201\" \/>If prices goes down but interest rates rise, it could mean an actual increase in the monthly cost.\u00a0 Look at the chart.\u00a0 Prices would need to go come down 10% to make up for one percent increase in mortgage rates.\u00a0 You could decide to wait on your purchase based solely on price (dumb), \u00a0but if you think interest rates are going to rise in the future it probably makes sense to purchase now (smart).<\/p>\n<p>Interest rates are at\u00a0historic lows.\u00a0 If we look at interest rates since 2000, we find that the average monthly rate was\u00a06.29%.\u00a0 That is more than one and one-half percentage points higher than where they stand today.\u00a0 Though experts are pulling back on their original predictions of 6% rates by the end of the year, there is growing concern that rates will start to rise.\u00a0<a href=\"http:\/\/www.bankrate.com\/finance\/mortgages\/mortgage-rate-trend-index.aspx\"> <em>Bankrate.com\u00a0<\/em><\/a>does a weekly survey of analysts to determine how many think rates will increase in upcoming months.\u00a0 The graph below shows that the number expecting rates to rise has been trending upward over the last two months.<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-medium wp-image-610\" title=\"interest-rate-prediction\" src=\"http:\/\/forestridgevoice.com\/files\/2010\/07\/interest-rate-prediction-300x192.jpg\" alt=\"interest-rate-prediction\" width=\"300\" height=\"192\" \/><\/p>\n<p>When considering whether it makes financial sense to purchase a home, \u00a0make sure you are considering the cost not just the price.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whenever we purchase any big-ticket item we first look at the price.\u00a0 Unless you are buying all cash, you must take into consideration the expense of financing your purchase.\u00a0\u00a0\u00a0In real estate the expense of financing is the mortgage interest rate.\u00a0 Let&#8217;s take a look at how interest rates impact the monthly cost of a home.\u00a0<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/a-dumb-reason-not-to-buy-a-home\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5759,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - 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