Mortgage Interest Rates Explained: A Brief History 🏠 Should You Buy a Home? MELANIE ❤️ TAMPA BAY

Mortgage Interest Rates Explained: A Brief History 🏠 Should You Buy a Home? MELANIE ❤️ TAMPA BAY. Mortgage stress test explained: How much can you afford when buying a home?

Mortgage Interest Rates Explained: A Brief History 🏠 Should You Buy a Home? MELANIE ❤️ TAMPA BAY video duration 7 Minute(s) 16 Second(s), published by Melanie Loves Tampa Bay on 19 12 2018 - 16:00:03.

Let's dive into home mortgage interest rates, as I've been getting a lot of questions about this topic
We hear on the news all about rising rates and wonder how How Much Mortgage Can I Afford? How to Calculate On this video I cover a few simple calculations to help you determine how much of a mortgage you can .

This is the best mortgage amortization calculator!! I hope this helps you and motivates you as much as it has motivated me
https://slay-this-debt.myshopify.com FHA Mortgage Insurance - MIP Explained Some of the nuances and differences with FHA, like how it doesn't go away, how its calculated monthly, the up front In this episode, the mortgage stress test is explained and see how much you can afford when buying a home
Remember to get your FREE guide from the .

Let's dive into home mortgage interest rates, as I've been getting a lot of questions about this topic. We hear on the news all about rising rates and wonder how that will affect the housing market.
Well, I wish I could whip out a crystal ball and tell you exactly what will happen with rates and the market, but that's just not possible.

Let's break down data showing you mortgage interest rates from a historical perspective, then show you what your money can buy.

This chart is from Freddie Mac, showing the annual average mortgage rate for fixed-rate loans since 1972. When I pulled this data, November and December 2018 had not been posted yet, so the average that you see is for rates from January through October. It seems almost unbelievable that people were paying over 16 percent for their mortgages, but they were at that time. For an entire decade, rates never averaged below 10 percent.

Even in more recent times (ie: 2000), rates averaged over 8 percent. When we saw the peak of the housing market in the mid-2000s in Tampa, rates weren't at rock bottom. They were in the high 5 to low 6 percent range. Since then, rates have moved significantly lower. In 2016, rates dropped to an average of 3.65 percent.

Yes, it would have been great to lock in a 30-year mortgage at the 2016 rate, but life happens and maybe you weren't ready to buy a house then. Don't beat yourself up about the rates being lower, they had to rise at some point - that's just basic economics. Instead, focus on how rates are still very reasonable compared to previous decades.

Disclaimer: I am a real estate agent, please get in touch with a licensed mortgage broker for specifics on your situation. If you don't have someone already, I can help you connect with a great one.

Obviously, no one wants to pay more for their borrowed money than they have to, but rates are still very low compared to previous rates.

So, should you look to buy in the upcoming year even though it looks like interest rates are going to be higher compared to the past few years?

As a real estate agent, my answer is to ask you some follow up questions.

Do you need a new home?
Can you afford it?
Have you been renting for a long time and now want to take advantage of the tax benefits of owning a home? (PS: mortgage interest is tax deductible!)

If the answer to any of those questions is yes, than buy a house.

Don't let the interest rates get in the way of that goal. Historically, rates are still low.

Do your research and partner up with a great real estate agent and mortgage lender - happy house hunting! If you're looking in the Tampa Bay area - give me a call/text as I'd love to help you!

SUBSCRIBE to this channel if you want to learn about real estate, home ownership, or living in the Tampa Bay area: https://goo.gl/XStcGM

FOLLOW MELANIE! 📱
http://melanielovestampabay.com
INSTAGRAM:
https://www.instagram.com/melanielovestampabay/
FACEBOOK:
https://www.facebook.com/melanielovestampabay
TWITTER:
https://twitter.com/melanietampabay
SMITH & ASSOCIATES:
https://melanieatkinson.smithandassociates.com/

🎧 LISTEN ON THE GO WITH MELANIE'S PODCAST 🎤
https://anchor.fm/melanielovestampabay
ITUNES: https://goo.gl/TGQrW7
SPOTIFY: https://goo.gl/y6T1i4
GOOGLE PODCASTS: https://goo.gl/C7BcAx

Melanie is a Tampa Bay area Realtor with Smith & Associates. She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.

Email: matkinson@smithandassociates.com
Call/text me if you are looking to buy / sell a home in the Tampa Bay area! 813.368.6084

DISCLAIMER: All content provided on melanielovestampabay.com and the Melanie Loves Tampa Bay YouTube channel/social media platforms is for informational/entertainment purposes only. The owner of Melanie Loves Tampa Bay makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. Information provided is subject to change, please consult Melanie directly or another licensed real estate agent to receive the best expertise for your specific situation.
The owner of Melanie Loves Tampa Bay will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.