Probably one of the most frequently asked questions I get…and it is a good one.
One simple answer…Yes they go up….and Yes they go down. Check out this great chart.
Cannot believe information that has been around longer than I have been doing loans…I have been helping clients by being a loan processor (until 1987) and a loan officer after that. This great chart shows you the 30 year fixed rate from Freddie Mac for the last 45 years. My first mortgage was in 1987 at 10.5% and I can tell you…I knew “THAT WAS A GREAT RATE..” for us. It was financially better for us to own, the rent was more….and we loved our home.
Buying a home is a very personal decision, not to be treated like everyone fits in the same kind of box thing.
I always suggest get with a licensed Loan Officer, do a complete loan application and find out what you can or maybe cannot do. If you cannot buy now, get a plan of attack to be able to buy.
Remember, just because mortgage increase might not be as low as they once were, doesn’t mean it isn’t a good time to buy.
We are here to help.
Sandy
P.S. Don’t forget our team hotline at 480-420-7107 or Sandy@TheKrestanTeam.com