US Mortgage Update: 4th Quarter

Posted by Rick Delgado on Saturday, November 21st, 2015 at 10:25am.

us-mortgage-rates-updateFreddie 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 homebuyers today can get a lower rate than their older siblings 10 years ago (6.29 percent); a lower rate than their parents did 20 years ago (8.12 percent) and even a better rate than their grandparents did forty years ago (8.86 percent).

The Verdict: Invest Sooner Than Later

If you are in a financial position to afford a home, invest sooner rather than later as interest rates will increase over time. You can still capitalize on a low interest rate if you act fast. 

If you're interested in a home, but have questions about financing or mortgage rates, Kristin Cooper is a certified Mortgage Loan Specialist who can walk you through the process step by step. Contact Kristin Cooper at kristin.cooper@primelending.com or start your mortgage application online for free.

Rick Delgado

Wonder what your home is worth in today's market? Quickly find out by clicking here. If you'd like help selling your home, please contact Rick Delgado today.

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