Mortgage Rates are expected to rise to above 5% in 2014, and then increase to 5.5% by the end of 2015.
In an article by The Motley Fool, predictions are outlined for mortgage rates to rise in 2014.
“We expect mortgage rates will increase above 5 percent in 2014 and then increase further to 5.5 percent by the end of 2015,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President for Research and Education in a press release. “As a result, mortgage refinancing will continue to drop, and borrowers seeking to tap the equity in their homes will be more likely to rely on home equity seconds rather than cash-out refinances.”
Interest rates are at historic lows
Interest rates have been at historic lows for a lengthy time, and they’ll go up again.
If you are thinking about purchasing a home or refinancing, and you would like to take advantage of historic low mortgage rates, please contact us. We would appreciate the opportunity to help you.