At the beginning of 2017, Housing Industry experts all agreed on one thing. In 2017 the interest rates would begin to rise.
We have had years of historically low rates. The economy is improving and the question wasn’t if they would increase but how much would the rates increase. Some said interest rates for mortgages could go over 5% by the end of the year.
But that is not what has happened. Instead of higher rates in the middle of 2017, the rates are at or near the lowest point of the year. Despite the fact that the Federal Reserve has raised the key interest rate, and has promised to raise it again this year, interest rates are still at the lowest point of the year right now. Average rates are still hovering around 4%.
They may still increase at the end of the year, my crystal ball is a little cloudy on that one. However, if you thinking about buying a new house now is a great time because you can still get a mortgage at very low rates right now