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.
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.
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.
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.