Interest rates have been rising all year. This has affected your home buying power. The higher the rate, the less home you can afford for the exact same payment. In other words, the same-priced home costs you more per month. For more information on buying power, go to  For Buyers/Questions.

Example:  A $425,000 conventional loan at  3.95%  equals  $2016.78  PI (Principal and Interest)

                                     The exact same loan at    4.54% equals  $2163.53 PI  (Principal and Interest)

                                      $146.75 more per month.  (Not including tax, homeowner's insurance,  etc.)

Interest rates show no signs of stopping or reversing. In fact, the Federal Reserve raised interest rates on Wednesday. Chairman Jerome Powell said that two more increases were on the way this year. (Mortgage rates fluctuate based on many factors not just the Fed rate.)  See Rate Table at bottom.

One help in purchasing power is that the caps on Fannie Mae/Conventional Mortgages and FHA/HUD mortgages have increased for this year. This allows you to purchase more home and/or need less down payment.

Loan Limits for 2018

            HUD                                         Conventional

  • Wake $318,550                      $453,100
  • Orange  $379,500                    $453,100
  • Durham  $379,500                 $453,100        
  • Johnston  $318,550               $453,100
  • Chatham  $379,500               $453,100

 

2018 Interest Rate Chart

 

Data for this Date Range

 

June 7, 2018

4.54%

May 31, 2018

4.56%

May 24, 2018

4.66%

May 17, 2018

4.61%

May 10, 2018

4.55%

May 3, 2018

4.55%

April 26, 2018

4.58%

April 19, 2018

4.47%

April 12, 2018

4.42%

April 5, 2018

4.40%

March 29, 2018

4.44%

March 22, 2018

4.45%

March 15, 2018

4.44%

March 8, 2018

4.46%

March 1, 2018

4.43%

Feb. 22, 2018

4.40%

Feb. 15, 2018

4.38%

Feb. 8, 2018

4.32%

Feb. 1, 2018

4.22%

Jan. 25, 2018

4.15%

Jan. 18, 2018

4.04%

Jan. 11, 2018

3.99%

Jan. 4, 2018

3.95%

 

All information contained is deemed accurate but not guaranteed. Reader should conduct their own due diligence and not rely on these figures and calculations. Need a Loan Analysis?