January 7, 2016

Why Mortgage Rates Are Not Going Up

mortgagerates

Source:: CNN Money

That’s the fear mongering that some are telling homeowners and homebuyers after the Federal Reserve raised interest rates — a tad — off their historic lows Wednesday.

But when a realtor or well-meaning relative tells you to buy a house ASAP, remind them that the Fed rate isn’t the mortgage rate.
The current rate on a 30-year mortgage is 3.97%. That’s incredibly low by historical standards. Most experts don’t think mortgages will go much higher than 4% anytime soon.
The early indications are that rates barely budged after the big Fed announcement (and they may even go down).
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