Surprise!! Interest rates for a 30-year fixed rate mortgage climbed
consistently throughout 2018 until the middle of November. After that point,
rates returned to levels that we saw in August to close out the year at 4.55%,
according to Freddie Mac’s Primary Mortgage Market Survey.
After the first week of 2019, rates have continued their
downward trend. As Freddie Mac’s Chief Economist Sam Khater notes, "This is great
news for homebuyers."
He states:
“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”
Will This Trend Continue?
According to the latest forecasts from Fannie Mae, the
Mortgage Bankers Association, and the National Association of Realtors,
mortgage rates will increase over the course of 2019, but not at the same pace
they did in 2018. You can see the forecasts broken down by quarter below.
Even a small increase (or decrease) in interest rates can
impact your monthly housing cost. If buying a home in 2019 is on your short
list of goals to achieve, call me today & I will help you take the action you need NOW!
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