Buying a home can be a very exciting and nerve wracking time, especially if it's your first home. While there's literally the entire process leading up to getting the keys, one of the most important
Rising Mortgage Rates
Mortgage rates forecast for April 2018Just months into the year, mortgage rates have already met 2018 predictions.
In late 2017, when thirty-year fixed rates were still in the high-3s, economists put rates in the mid-4s this year.It didn't take long.Rates approached 4.4% by mid-February and shot past 4-year highs.Fortunately, rates are still low by historical standards, and today's rates have not deterred home buyers. Home sales are up 1.1 percent from a year ago according to the National Association of Realtors.
Still, it's no time to sit by and hope for a massive rate drop, the chances of which are slim to none.
Rates available now are likely the best we'll see in 2018, despite the recent push upward.Verify your new rate (Apr 12th, 2018)Freddie Mac: Mortgage rates at highest levels in more than 4 yearsMortgage rates just broke a barrier not surpassed in 220 weeks.Since January 2014, rates had remained below 4.45%, that is, until the late stages of March, according to mortgage agency Freddie Mac.The 30-year fixed rate average is up 67 basis points, or 0.67%, compared to lows reached in September.
What does that mean for the home buyer or refinancing homeowner?
A lot.Home buyers will pay over $100 more per month for a $350,000 home with 10% down, according to this mortgage payment calculator.A homeowner looking to refinance may discover that the new loan may not yield any savings at all.Locking in today yields a rate better than could be had by 85% of homeowners in history.But there is a bright spot. Rates are only high compared to some of the lowest levels ever recorded. If you had offered a 4.45% rate to a home buyer ten years ago, they would have jumped at the chance.
If you would like more information on what you may have for mortgage options, contact Realtor Jim Matthew at Exp Realty.
Glenn Cira of Home Bridge Financial
Born and raised in Norwood, Ma Jim attended Norwood public schools and played Norwood baseball with a passion. He attended a local vocational high school with a major in structural woodworking. Up....
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