Bloomberg and Jamie Dimon, JPMorgan Chase CEO announced that mortgage rates should be 1% higher, and could be 2% higher soon. Mortgage rates follow the 10-year note closely. Today, the 10-year note is at 2.93%.
Rates are going up due to the rising economy and increasing job market. Those who buy today will benefit from a lower mortgage payment while their earnings rise.
For an average loan amount of $275K, borrowers will save $349/month, which is close to $4K/year. Buying a home today could save you $40K over the next decade.
Monthly payment savings example is based on a 30 year fixed Conventional mortgage loan of $275,000 with 3.5% down. Savings estimated is based on the current interest rate of 4.625% vs increased interest rate of 6.625%. Monthly payment comparison is used for information and educational purposes only and does not depict any actual loan.
Standing at intervals atop the sound wall between 40th and 48th streets, these custom-designed panels resembling fins are decorative accents inspired by some of modern architect Frank Lloyd Wright’s early work in Arizona. They’ve painted a reddish accent color that extends in a saw-toothed pattern down the sound wall and also appears on retaining walls, abutments and bridge barriers in the area.
These accents are a throwback to Wright’s design experimentations from his late 1920s desert winter encampment, known as the Ocatillo Settlement that was located about a half mile from the current freeway alignment near 32nd Street.
In 2019, South Mountain Freeway loop 202 will be in service. It will provide a direct connection between the East and West Valley while bypassing huge traffic of I-10 going through downtown.
With the economy expanding at a healthy pace, the FOMC is likely to maintain the upbeat assessment of growth outlook, paving the way for two more Fed Fund Rate hikes this year, most likely in September and December. Meanwhile, on Friday the economic data flow brings the latest employment report. Another firm increase in non-farm payrolls of close to 200k appears to be in the cards, which might nudge the unemployment rate lower, from 4.0% to 3.9%.