We’ve been talking about interest rates going up for most of 2016, and it just happened. Rates were at historic lows and we saw buyer getting rates from 3.5% to 3.75% through the Spring and Summer.
Mortgage interest rates, as reported by Freddie Mac, have increased over the last few weeks. Industry experts with the Mortgage Bankers Association and the National Association of Realtors are all expecting mortgage rates to continue to rise over 2017.
This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.
Don’t feel bad! Even if you missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than we’ve seen in decades!