Freddie Mac’s Primary Mortgage Market Survey shows that mortgage rates for a 30-year mortgage have started to inch up, most experts predict that they will begin to rise even more over the next 12 months.
An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
With that said the big question is:
Should I Pay An Interest Rate Over 4%?
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks.
This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.
Though you may have missed getting the lowest mortgage rate ever offered, 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.
With over 25 years of experience, our team is ready to help!
Hilton Head Real Estate Partners
Partnering with you every step of the way.