Mortgage rates at a historic low

Posted by on Tuesday, September 19th, 2017 at 4:08pm.

If you were looking to buy a home or refinance, you might want to start thinking seriously about it soon! 

Mortgage rates are holding at a low for 2017, with a 30-year fixed loan at 4% interest. To put it into perspective, the average rate for a 30-year fixed mortgage in June 1987 was 10.54%!

Although not the lowest they’ve been this year, this rate is exceptional, and it seems to be holding for the time being. However, the lack of movement by fixed mortgage rates may be the pause before they begin to ascend once again. 

"Experts in the field expect that mortgage rates will remain at this plateau for now or will rise in the near future," says Christina Lane, senior mortgage loan officer with Movement Mortgage. 

Redfin has now updated its forecast and is predicting the 30-year mortgage rate will pass the 4 percent threshold in the coming year. 

So...what does that mean for home buyers and sellers?

With rates only getting higher, now is the best time to get off the fence and consider buying, selling or refinancing your home. For home buyers in particular, the rate you get can make all the difference in you affording your dream home. As of now you can get more home for your money, but with rates going up, your options are going to go down. 

If you're thinking of selling and buying or buying a new home in general, now is a great time to talk financing with a loan officer and see how much you can afford in the coming months. 

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