Freddie Mac has increased mortgage interest rates in the last few weeks to just over 4 percent (for a 30 year fixed). According to the Mortgage Bankers Association and the National Association of Realtors, this trend is likely to continue.
This leaves many homebuyers wondering whether or not it's a good time to buy a home. If you worry about rising interest rates, but still hoping to invest in a home, read on.
Current Rates are Still Historic Lows
Many prospective buyers are kicking themselves for not taking advantage of historic low interest rates. What they must realize however, is that they can still purchase a home at a lower interest rate than previous generations. If we look at historic mortgage rates by decade, we can clearly see that…