Thursday, May 19, 2011

The Grove Team would like to extend a special THANK YOU to Bill Adocock for his contribution to today's blog. This is great information about interest rates and how they affect the home buying process. For more information about mortgage loans, rates, and the home buying process contact the Grove Team, (817) 337-0000 or reach out to Bill - his contact is below!

From Bill:

I often talk about the COST of buying a house vs. the PRICE of the home. The price obviously is a major component of the cost. The other major component is the interest rate. A small hike in mortgage interest rate can have a dramatic impact on monthly payment. For that reason I try to keep you current on what is projected for rates in the future so you may pass along to your customers

Four major institutions project rates: The National Association of Realtors (NAR), Fannie Mae, Freddie Mac and PMI. Here is what each is seeing in the next year.

Bottom Line

If you have customers looking to buy a house and are waiting to see what will happen with prices, remind them that interest rates will also impact their housing cost.

Bill Adcock
Supervising Loan Officer
PNC Mortgage, a Division of PNC Bank, NA

The PNC Financial Services Group
700 E. Southlake Blvd., Suite 170
DFW Metroplex, TX 76092
(c) 817.538.3858 (f) 888.257.0030

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