Mortgage Interest Rates Are Going Up… Should I Wait to Buy?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeksFreddie 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 that they may no longer be able to get a rate below 3.5%. 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:

Mortgage Interest Rates Are Going Up… Should I Wait to Buy? | Simplifying The Market

Bottom Line

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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Cherry Blossom Properties

We are ethical, educated, experienced full-service real estate agents, affiliated with award-winning customer service brokerage RE/MAX Gateway, serving communities in DC, MD and VA.  We represent buyers, sellers, investors (including "flippers"), landlords, and tenants.  We have experience in home renovations.  With a background in law and mediation, we are high-level negotiators and strategists in real estate transactions.  We know our markets and get the best results for our clients.  Integrity, knowledge, and exemplary customer service are the keys to our business success.

 

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2438020
"Wendy and Brian are one of the most professional and hard working realtors I have ever dealt with. They were always communicating with me in a ... more "
5.0/5.0
by tbonfiglio
2260359
"A must hire!!! Wendy and Brian were an absolutely outstanding real estate team. Their knowledge of the market and professionalism made them the ... more "
5.0/5.0
by ericaswift4
2245254
"Last week, my husband and I successfully sold our lovely little bay-windowed condo overlooking Rock Creek Park in Georgetown, Washington DC. We can’t ... more "
5.0/5.0
by sandyext