Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

Don’t be the buyer can that no longer buy because of higher interest rates.  Mortgage rates have risen in the last few months but they are still lower than they have been in decades.  Don’t miss the opportunity to buy now while the interest rate is still attainable.  Your purchasing power decreases each time there is a mortgage rate increase.  Let’s get started and find your new home NOW!

 

Courtesy of Keeping Current Matters 2018

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? | MyKCM

Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.

In addition to the predictions from the four major reporting agencies mentioned above, the Federal Open Market Committee recently voted “unanimously to approve a 1/4 percentage point increase in the primary credit rate to 2.75 percent.” Historically, an increase in the primary credit rate has translated to an overall jump in mortgage interest rates as well.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Mortgage Interest Rates are Still Going Up… Should You Wait to Buy? | MyKCM

Bottom Line

Though you may have missed 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.

You deserve a home of your own, call me NOW and let’s get started.

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