Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors
are all calling for mortgage rates to continue to rise over the next
four quarters.
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.
Here is a chart showing the average mortgage interest rate over the last
several decades.
Bottom Line
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.
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