Mortgage Rates are on the move.
Sometime up and sometimes down. Average mortgage rates increased since April 2013. Nobody knows when rates will change significantly, but you can still get a great low rate if you shop around.
Mortgage Rates 2013 – Ups and Downs
After hitting historic lows, mortgage rates started to increase in 2017. Mortgage Rates for the 30-Yr Fixed Rate Mortgage, the most popular mortgage loan, went from a low of 3.34% to as high of 4.58% in September, according to Freddie Mac’s Primary Mortgage Market Weekly Survey.
Do note that not all mortgage rates moved at the same pace. 30-Yr mortgage rates have increased at the highest level. While the 5/1 ARM rate have also increase, it’s important to know the starting interest rate for a 5/1 ARM is currently more than 1.1% lower as of October than the rate for a 30-Yr FRM.
Preparing for Changing Mortgage Rates
There is no way to tell when rates will change – either up or down. However, even with the increase we have seen in 2017, mortgage rates are still very low. This is an excellent shop around for a mortgage and see if a new mortgage can save you money.
If you are looking to buy a home, then changing mortgage rates directly affect the amount you can afford. You will have to take into account these different factors:
- Mortgage Rate
- Property Tax and Homeowners Insurance
- Your Available Down Payment
- Your Income and Debt
How can I still get low rates?
To help you find low rates, The Easy Loan Site™ has created a service to help consumers easily connect with lenders. In a few minutes, consumers could get a side by side rate comparison from multiple lenders and find out what loan programs they qualify for. You can access this free service now by clicking below.