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).