Mortgage Interest Rates Just Went Up Should I Wait To Buy

Dated: 12/08/2016

Views: 62

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

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

Though you may have missed getting 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.

Bonnie Lelak

Experience with regular home sales, short sales, foreclosures, HUD homes, no down payment program homes, investors who flip homes or buy rentals, commercial properties, land sales, lake front properti....

Want to Advertise on this Site?

Latest Blog Posts

Tips For Effectively Making An Offer

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good

Read More

Do You Know The Cost Of NOT Owning Your Home

Owning a home has great financial benefits, yet many continue renting! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as

Read More

What You Need To Know About Qualifying For A Mortgage

Some Highlights:Many buyers are purchasing a home with a down payment as little as 3%.You may already qualify for a loan, even if you don't have perfect credit.Take advantage of the knowledge

Read More

3 Reasons The Housing Market Is NOT In A Bubble

With housing prices appreciating at levels that far exceed historical norms, some are fearful that the market is heading for another bubble. To alleviate that fear, we just need to look back at the

Read More