LIME REALTY GROUP is focused on bringing you the latest news on real estate and what’s happening in the area.  Today we thought it would be good to talk about the Mortgage Rate.

As of today, the mortgage rate has reached a 52 week high.  The rate for a 30 year fixed mortgage is 4.20%.  This is still a dramatically low figure.  It does indicate a strong movement upward from where it’s been all year.  Analysts and professionals alike have talked about the rate going up.  We’ve expected it for a long time.

International concerns have been driving the US Fed to hold interest rates down.  However, as the economy strengthens, the rate is expected to rise as a result.

So what does this mean for you?  Well, the higher rate means the less home your money buys.  It also means some people will be priced out of the market.  If you’ve been waiting for a lower rate, you’re not doing yourself a favor.

Chances are, the rate will continue to fluctuate around the 4.20% mark.  It’s not likely to get over 5% by the end of the year.  To achieve that, the rate would have to move up .80%.  When you consider that over the past 52 weeks the movement of the rate has swung a total of .65% it’s not beyond the realm of possibility for the rate to hit 5% in the next year.

No matter what decision you make, it’s a smart bet to expect the rate to swing upward in the next few months.  If you’re thinking about buying, it’s time to get your ducks in a row and start moving forward on your plans.  Waiting too long will make certain you don’t achieve your plans of home ownership.

Whatever decision you make and if you feel the need to discuss the idea of buying with a professional, the team at Lime is ready and willing to answer your questions and help you create a plan of action.  Make the move today and get ready for the wonderful opportunity home ownership affords.  Call today.