Interest Rates

Interest rates have been extremely low for a while now…bouncing around in the 4-5% range. But how long will this last? Well, no one knows for sure, but the government has already said they plan to stop buying up US Treasuries (that no one else is buying), which will most certainly cause the interest rates to rise. Experts are predicting they will be up around 6-6.25%  by this summer. What does one percentage difference mean for your house payment?
For a $150,000 house loan at 5% your principal & interest monthly payment is $805 (this is not including tax and insurance).
At 6%, the same home would cost you $899 a month…a differnce of $94! And if that isn’t enough to rile your feathers, just multiply that extra $94 by 360 months to find just how much extra it’s costing you over the term of your 30 year mortgage!