Mortgage Interest Rates Went Up Again… Now What?

Posted by Cindy Allen - Buyer's Agent on Thursday, March 16th, 2017 at 3:09pm

Mortgage Interest Rates Rising

Mortgage Interest Rates Went Up Again… Now What?

In case you hadn't noticed, mortgage interest rates have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

So now I'm hearing would-be home buyers in Keller, Trophy Club and North Richland Hills wonder if they should wait to buy...  

If you think it's been hard so far to find a home that fits your budget and your needs, it's going to get worse. - Jonathan Smoke, Realtor.com's Chief Economist.

Possible home sellers in the area that have lower mortgage interest rates may be less inclined to move up or buy a new home, so tight inventories of homes for sale may get even tighter.  

If you're considering homes for sale you need to remember interest rates are still near historic lows.  

Here is a chart showing the average mortgage interest rate over the last several decades.

History of Mortgage Interest Rates

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than those available just ten years ago.  And what's your alternative?  I guess you could rent until rates go higher?  Or perhaps save up more money and in the mean time miss out on the equity building you could experience as a homeowner over the next few years...   No, I think if you were my Mother, Brother, Sister, best friend I would encourage you to bite the bullet and get into the market sooner rather than later. 

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