Mortgage Interest Rates Just Went Up But It Still May Be A Prime Time To Buy

Dated: 11/29/2016

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Mortgage Interest Rates Just Went Up… Should I Wait to Buy?  class=

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie MacFannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.

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

Mortgage Interest Rates Just Went Up… Should I Wait to Buy? | MyKCM

Bottom Line

You may have missed getting the lowest mortgage rate ever offered but analysts are projecting that rates will continue to rise. That makes now a great time to lock in a mortgage rate before the Fed makes another move. Look on the bright side, you can still get a much better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago. 

If you're in the market to find your next dream home and need a line on a great mortgage lender call me at 919-264-8414 or email [email protected] to get this party started!

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Jimmy Swann

Jimmy Swann, Broker/Owner for Swann Group Realty works towards the clients goals and understands how important that the Real Estate Agency you choose to employ and guide you through this journey is yo....

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