Some Perspective on Mortgage Rates
Interest rates are rising and
economists predict they will continue through the end of the year. While this
can intimidate buyers it is important to keep these increases in perspective.
Even if mortgage rates reach 5 percent as predicted this is historically low.
Mortgage rates between 1979 and 1990 consistently averaged above 10 percent.
So what does this mean for
today’s home buyers? There are ways you
can counter the increase in mortgage rates. If you have the ability, put more
money down which will decrease the amount borrowed.
Work on ways to improve your
credit where possible. With a credit score above 760 it is possible to get the
lowest available interest rate on your home loan.
Already on the market for a new home?
Act quickly! With interest rates expected to rise through the end of the year
the faster you can lock in your loan and save yourself some money!
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