Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?
Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.
In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.
This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 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:
Though you may have missed the lowest mortgage rate ever offered, you can still get a 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.
Blog Archive2019-02-21 11:58:34
How To List Your Home for the Best Price
Greater Idaho Falls Association of Realtors MARCH BLOOD DRIVE
Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!
Why Homeownership Matters Now More Than Ever
Pre- Foreclosures on Zillow
Thinking of Selling Your House in Idaho Falls? This is a Perfect Time!
The Cindy Bates Group is Here for You!
Why you Shouldn't FSBO
Why It Makes No Sense to Wait for Spring to Sell
Whose Mortgage Do You Want to Pay? Yours or Your Landlord’s?
5 Reasons Idaho Falls Homeowners Throw the Best Super Bowl Parties!
Idaho Falls, Do You Know How Much Your Home Has Increased in Value?
Is Student Loan Debt A Threat to Homeownership? No!
Tuesday Tid Bit! It's not too late! Jan 31, Feb 1
Think You Should For Sale By Owner? Think Again!
3 Things You Need in a Shifting Real Estate Market
Do You Prefer the Charm of an Existing Home?
Buying a Home Young is the Key to Building Wealth
The Difference Having a Professional on Your Side Makes
What is the Cost of Waiting Until Next Year to Buy?
Where is the Housing Market Headed in 2019?
Is the Recent Dip in Interest Rates Here to Stay?
Tax Time is Upon Us
Buying a House This Year? This Should Be Your 1st Step!
Homeownership Remains a Huge Part of the American Dream
Click here to see ALL articles.