Should I Buy Since Mortgage Rates Are Up?
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, are calling for mortgage rates to continue to rise over the next four quarters.
This has caused some home buyers to lament the fact they may no longer be able to get a rate below 4%.
However, we must realize that current rates are still at historic lows. Here is a chart you will want to look at:
Historic Mortgage Rates by Decade
| Decade | Average Rate |
|---|---|
| 1970s | 8.86% |
| 1980s | 12.7% |
| 1990s | 8.12% |
| 2000s | 6.29% |
Recommendation
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
We recommend contacting a real estate professional to help guide your home purchase decision.
As always, we are here to help. If you need a valuation for your current home, you can get that from us too here: Free Home Valuation
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