Don’t Get Caught By Increasing Mortgage Rates Ahead

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.

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