Interest Rates Have Dipped
Just two weeks ago, I posted an article about where mortgage interest rates may be headed over the next twelve months. Projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors all predicted rates would begin to rise slowly and steadily throughout 2016.
However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks.
Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. The only sure thing is that, according to Freddie Mac, current rates are the best they have been since last April.
Real Estate Bottom Line
If you are thinking of buying your first home, downsizing to s more manageable home or moving up to your dream home, now is a great time to lock in a low interest rate on your mortgage.