![]() Staying informed and timing your purchase to lock in a lower rate can make a huge difference in how much home you can afford. The takeaway is that mortgage rates shift constantly in response to economic or political factors. The chart below shows average rates for the 30-year and 15-year fixed rate mortgages over the past three years. Further Fed rate hikes could push averages above 8%. 2023 : Rates are projected to remain elevated in 2023 compared to the past decade.Rates soared above 7% in late 2022 from around 3% at the beginning of the year. 2022 : The Fed’s rate hikes and inflation drove mortgage rates dramatically higher throughout 2022.By December 2021, rates returned to pre-pandemic levels around 3.5%. 2021 : Rates remained very low early in 2021, then began to rise in the spring.The average 30-year fixed rate mortgage fell below 3% by the end of 2020. 2020 : Historic lows due to the COVID-19 pandemic.Mortgage rates have seen significant fluctuations over the past few years: This protects you if rates rise further before closing. Once you find the rate you want, lock it in by completing most of the mortgage application paperwork. Lock in your rate: Rates fluctuate daily. ![]() But the higher monthly payment on a 15-year loan may not fit your budget.
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