Don't Wait to Buy. Mortgage Interest Rates Just Went Up.
by Rick Delgado
on Wednesday, December 21st, 2016 at 2:58pm.
The National Association of Realtors and the Mortgage Bankers Association are both predicting increased interest rates in 2017. Over the last few weeks of 2016, Freddie Mac has been raising interest rates in response to strong job creation in the US. According to mortgage experts, rate increases are likely to continue over the next four quarters.
What Does This Mean for Homebuyers?
Those homebuyers looking to enter the real estate market can still capitalize on historic low-interest rates, despite the recent increases. Compared to the 2000s, where interest rates averaged 6.29%, homebuyers today can earn a mortgage rate of 4.5% for a 30-year fixed, 4.25% for a 20-year fixed, 3.75% for a 15-year fixed, and just under 4% for a 10-year fixed.
Need Mortgage Advice?
If you would like to find out more about which mortgage program is right for you, contact Rick Delgado with RE/MAX Gold at (916) 226-1136 or visit his website for free listings & real estate advice.