If you have been paying attention to the housing market and mortgage rates, you may be aware that mortgage rates had been inching higher over the last several months until very recently. This has been a driving factor in the continued heat in the housing market. While many experts have been predicting that mortgage rates will continue to increase, they are currently taking a breather.
As the 30-year fixed rate crept over the 3-percent mark earlier in the year, many people who had been thinking about refinancing or buying soon may have been inspired to act faster. Others may have wondered if they waited too long to act. The good news is that the 30-year fixed rate has currently dipped below 3 percent again. Given the fact that inflation is a pressing matter, the dominance of low interest rates is beneficial.
What does this mean for the rest of the summer and beyond? If you look back at historical interest rates, you will notice that they fluctuate. In fact, they can change daily. While interest rates are slightly lower now than they have been in recent weeks and may remain close to this level over the summer, many experts still anticipate rates generally rising over the next year or two.
Keep in mind that a variety of factors influence mortgage rates. There is no foolproof way to predict the market, so determining when the rates will be most attractive in the next few months or longer is not possible. If you have been waiting for the most ideal time to move forward with a mortgage refinance or with the purchase of a new home, now could be a smart time to get a quote from the MortgageDepot team. By learning your options, you can make a decision that is most beneficial to you.
Contact one of our loan consultants to learn more.