The honeymoon phase of 4% mortgage rates has ended after rates rose since early November. According to Freddie Mac’s weekly mortgage market survey, the average 30-year fixed mortgage rate has risen to 4.86% from 4.17%. Bankrate.com's weekly survey found the rate has risen to 5.02% from 4.42% in early November. Forecasts now predict rates will remain between 5% and 6% for all of 2011.
Rates are rising and the longer you wait to buy your home, the more it will cost you (in fact, if you wait too long, you won't be able to afford the same house if you need a lot of financing). Smart buyers are taking advantage of the low rates and low prices to score the best housing deal in a generation. Furthermore, if you lock in at a low rate with an assumable mortgage, selling your home in the future will be easier because it will come with an attractive interest rate.
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