Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
If we estimate that, in 2017, mortgage rates will return to the 2014 levels, it would cost $73 per month â or $876 per year â more at the higher interest rate. Multiply that $876 over 30 years and the higher interest rate risk could cost you an additional $26,280 over the life of the loan.