With the uptick in rates during the 1st quarter and projections that the Chesapeake mortgage rates will continue to tick higher throughout 2017, buyers should act now.
Any delay in getting a home under contract will likely, I must stress likely, cost the buyer more at a later time.
Both improving home prices and any rises in mortgage rates will cause a Chesapeake home buyer to pay more in July versus now in March.
Don’t be caught on the wrong side of savings!!!
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.
Here is a chart showing the average mortgage interest rate over the last several decades.
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.
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