What will mortgage rates do?
The Federal Reserve Board appears to have finished with its interest rate cuts and mortgage rates have been moving slowly up.
If you want to know how rates will change, I’ll polish up my crystal ball and make a prediction: They are going up. Now mind you, this is my crystal ball and I’m not saying the view is always perfect.
Still, at this writing, rates are about 6.3 percent and fluctuating up and down for the past few weeks. This could very well be the lowest interest rate we will see for a while.
There are currently more factors pushing interest rates up than anything out there pushing them down.
What that means for home buyers is that, if you have the ability to buy now, you will be getting a mortgage at a rate that will look like a huge bargain pretty soon.
Keep this in mind when you go house hunting. Likely, the longer you wait, the more you will pay on your mortgage month-to-month and the more you will pay over the life of the loan.
I’m polishing up my crystal ball to take a second look and… yes… I still see rates creeping up.
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