Mortgage Interest Rates Remain at Historic Lows…but…

Mortgage interest rates on the two most popular mortgage products, the 30 year fixed-rate  and the 15 year fixed-rate are at or very close to all-time lows. According to  the Freddie Mac Primary Mortgage market Survey the 30 year fixed rate mortgage  interest rate is 3.37% just .01% higher than the all-time low reached two weeks  ago. The 15 year fixed-rate mortgage interest rate did manage to squeeze-out a  new all-time record this week of 2.66%.

Historic Mortgage Interest Rates

However, a word of warning is needed concerning US mortgage interest rates as the  Mortgage Bankers Association (MBA) this week released its forecast for mortgage interest rates through the end of next year. According to this forecast, they expect a gradual increase in mortgage interest rates to begin very soon and carry on for years to come. By the end of 2013, the MBA’s forecast is for the 30 year  fixed-ratemortgage to be at 4.4%. In fact, their forecast suggests that the turn higher could begin almost immediately. There has never been, and may never be again, a better opportunity to refinance an existing mortgage or to purchase a new or existing home. With values still far below peak levels and interest rates the lowest they have ever been, this is truly the opportunity of a lifetime.

How to take advantage of this buyers’ market?  Contact me, Lisa Giller, Realtor!

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