Mortgage Interest Rates are Continuing to Climb…Wait to Buy?
Mortgage interest rates, 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 NRA are all calling for mortgage rates to rise further. Possible another quarter of a percent by next year.
Mortgage Interest Rates are Continuing to Climb…Wait to Buy? In addition to the predictions from the reporting agencies, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase . This nudges the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate affects the overall jump in mortgage interest rates.
This has caused some purchasers to lament. The fact that some 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:
Mortgage Interest Rates are Continuing to Climb…Wait to Buy? 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.
If you’re looking for a real estate agent in Naples that put’s YOUR priorities First, Glenna Froelich is the one to call. Read what her customers have to say. Got a question? Send me an email now…ASK GLENNA