LIME REALTY GROUP is always keeping an eye on things in the industry and with the mortgage rate in fluctuating territory still, we’re watching it closely. With that in mind, we figured it was time to give you an idea what’s actually happening to the rate this year.
All the analysts are pointing towards an increase on the mortgage rate. In the Pimary Market, the 30-year-fixed is 4.56%. We expect it to get to 5% by the end of the year, but this is February and we’re more than halfway there. This rate is steadily creepin’ up, folks. Consider your options.
FHA is offering a bit of a break. They’re 30 year comes in at 4.33%. So there’s still options and room to move.
Historically speaking, even 5% is great! But it’s still not as good as 4.5%. The lower the rate, the less expensive your home will be over the long run.
One things for sure, either the steady growth needs to slow down or we’ll be well past 5% by the time December comes.
Either way, it’s good to have an agent by your side who understands how the numbers work and how they affect you. Don’t wait, call today.