How Will Rising Interest Rates Affect You?

Interest rates have recently gone up, making homes more expensive for homebuyers. Here’s what this rise in rates means to you and why it’s actually a good thing. Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price Evaluation The Federal Reserve recently announced another interest rate hike. What does that mean for homebuyers in the Chicagoland area? For one, the cost of money will be a bit higher. It will cost a little more to get your dream home, and your monthly payment will be a little higher. However, this rate increase is due to our improving economy. Job and economic growth are at their highest level since 2008, and the fact that rates are going up is actually a good thing. Although rates are up, economic growth and job growth are too. We expect rates to go up at least once more this year. Although this will make homes even more expensive, keep in mind that rates will still be very low, historically speaking. If you have any questions for us about interest rates or anything else relating to real estate, give us a call or send us an email today. We look forward to hearing from you soon.