The Mortgage Rate Challenges You are thinking about buying a home. You are worried about interest rates. While interest rates have trended upward recently, you realize that the trend hurts people who are looking to get a mortgage on a home. Write a paper that analyzes the actual costs of an actual home in a suburb of New York City. You could select Westchester, Rockland, Bergen, Nassau or Suffolk county. Pick one -- presumably the county you would like to move to. Find the average price of a home for sale in that county. Get actual figures from research. Figure out how much downpayment should be made. Then, look at the monthly cost of an actual mortgage using various predictions of where mortgage rates are headed. That means, find the current mortgage rate. Then consider both higher and lower rates. Go two half-point increments above the current rate and two half-points below. See how these changes would affect the monthly cost of home ownership. This man's your paper will give detail at, for instance, 7% (current), 7.5%, 8%, etc.

Conclude your paper with a financial assessment of how these possible mortgage rate changes would affect your decision to take out a mortgage (The paper must include research from credible sources, such as The Wall Street Journal, Forbes,etc).