LIME REALTY GROUP continues to watch the mortgage rate in the aftermath of the FED raising the interest rate and we have good and bad news…
First off, let’s talk about the good news… The good news is the rate for a 30 yr. fixed mortgage is 4.12%. Although this rate shows a strong move above the 4% mark, it’s still not solid territory… Yet. That means we’re somewhat still fluctuating around 4%.
That’s fantastic news for buyers who still want to find a great deal! 4% is an amazing rate to have when you’re getting into the housing market for the first time or even if you’re buying a home for the 50th time. It’s considered a phenomenal rate!
Now here’s the downside… Analysts are expecting the rate to continue to climb throughout 2016. They’re predicting some rate spikes as issues such as low gas prices and other international concerns pressure the markets, but the overall sense is still a prediction of 5% or more before the end of 2016.
We’ll keep an eye on the rate and let you know when we see a big move, but for right now, you can feel confident it’s a good time to shop the housing market and see what’s out there for you.
Remember to think of Lime when you start looking and let us help you find that one home you’ve always dreamed about!