Wednesday, March 15, 2017 / by Vickie Sparks
SHOULD YOU WAIT TO BUY?
The secret behind navigating increasing mortgage rates.
If you look at what Freddie Mac is reporting, then you will see that mortgage rates have increased over the last several weeks. Freddie Mac, 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 are hesitant to purchase a home based on mortgage rates, you’re not alone. 20% of home buyers we talk to worry about whether the current interest rate is a good one. They also worry about no longer being able to get a rate below 4%. While rates might not be at an all-time low, they are STILL a historic low.
Here is a chart showing the average mortgage interest rates over the last several decades:
So while right now you might not get the lowest rate ever offered, you can still get a better rate than you cousin did 10 years ago, your parents did 20 years ago, and even your grandparents did over 40 years ago.