Just a few weeks ago, I shared an article discussing where mortgage interest rates may be heading over the next twelve months. In it were quoted projections from Fannie Mae,Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors. Each predicted that rates would begin to rise slowly and steadily throughout 2016.
However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks, and mortgage interest rates have remained at 3.65% for the past two weeks.
Rates have again fallen to historic lows, yet many experts still expect them to increase in 2016. Time will tell what rates, and the housing market, will do. The only thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April. Do you have a relationshp with a trusted lender or real estate professional? If so, now might be the time to discuss how you can benefit from today's once-again historically low rates.
If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage. And, a always, if I can answer any questions or help in any way, please feel free to ask. I'm here to help!