LIME REALTY GROUP hasn’t reported on the mortgage rate in awhile and we thought we’d kinda touch base with it because honestly, we’re flabbergasted.
All of the economists and economic indicators have continued to point towards a steady increase in the rate. And although there have been times when it looked like it was starting to head in that direction, there have always been outside influences that continue to hold it down.
Determining what exactly those are is difficult, but the fact of the matter is, as of today, in the standard market, the rate for a 30 year fixed mortgage is 4.06%. It’s still hanging around the 4 percent line. It goes lower when you get into mortgages like Freddie Mac or FHA. So if you’ve put off jumping in the market because you felt the rate would go back down, you’re both right and wrong.
The rate has gone down, but it’s also gone up. And it isn’t anywhere near where it was towards the end of the recession. But it seems to be holding steady around the 4 percent line. It doesn’t want to move up to 5 and it doesn’t seem to want to move down towards 3.
It’s a good time to buy! That’s for sure. But whatever you decide to do, make sure you contact Lime and let us help you make an informed decision. We can help you determine the best course of action for yourself at this point in time. Call Lime today and rely on our expertise.