Hi all,
We've been seriously considering selling our (luxuriously large) home of 1902 sq feet and moving to something at 1300 sq ft. We would save on energy consumption, home insurance, and property taxes. We also thought we would save money on our mortgage each month, enabling us to kill our debt faster and invest sooner. As I'm looking at rates though, we locked in our current larger home at 3.375% APR on a fixed 30 year note. Looking at current mortgage rates, we'd be looking at a rate of 4.29% or higher depending on how much variance there is.
It's likely we can't even make the move for another year due to me finishing grad school, and I've heard rumblings of mortgage rates continuing to rise.
What would you do? What are we missing?