Interest Rates Are Still Historically Low
Mortgage Interest Rates Are Up – Should I Wait to Buy?
Mortgage interest rates have gone up since the election. Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next year.
This has caused some buyers to regret the fact they may no longer be able to get a rate less than 4%. However, current rates are still at historic lows.
Take a look at the average mortgage interest rate over the last several decades.
Real Estate Bottom Line
Though you may have missed getting a rock bottom interest rate, 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. It’s still a great time to buy a home!