The monthly mortgage payment on a Central Ohio 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 go up in 2016.
CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state:
Note Ohio’s 5.2% increase in home values!
MORTGAGE INTEREST RATES
All four of the entities that provide projections on mortgage interest rates are in agreement – theyll go up in 2016/17. Here are the predictions over the next four quarters:
With both home values and interest rates projected to increase nationwide and in Central Ohio, buying (or moving-up), sooner rather than later, makes sense.
Whether you’re thinking about buying your first Columbus area home, need to move up to something bigger, or are ready to downsize, I can help to smooth out the transition and get you into your next home before interest rates get too high. Contact me, Columbus Ohio REALTOR® Rita Boswell at 614-547-3229 for more information.