Real Estate Mortgage RatesPosted on 07/17/14
Over the years, the real estate market has been categorized by historically low mortgage rates. These lower rates combined with federal stimulus packages have allowed first-time home buyers to become first time homeowners and existing owners to increase their inventory of Northwest Florida real estate.
With that aforementioned information taken into consideration, the question remains what are mortgages like now and how will they affect the future of the real estate market?
According to Zillow(R) the 30-year fixed mortgage rate currently sits at 4.05 percent. Up from 4.03 percent and five basis points from the prior week, rates appear to be steadily increasing. However, these rising rates should not discourage you from a real estate purchase. There are a variety of positive qualities that can be attributed with higher rates. For instance, the signs of a more stable economy. Buying a home in a secure economic state can be beneficial to home owners in the long run.
At the end of 2013 mortgage rates were projected to reach 5 percent by the end of this year. This rise has been relatively slow as we are already into the third quarter.
Find out more about your local market and other real estate conditions with the help of a RE/MAX Southern agent.