As you may have heard in the news, the Federal Reserve just raised interest rates.
This has caused some purchasers to wonder if it makes sense to get a mortgage rate at 4% or more.
First, we must realize that current rates are still at historic lows. Here is a chart showing the average mortgage interest rate over the last several decades.
Getting a mortgage rate at 4% would be half the rate of the ’90s and wasn’t even possible in the 2000’s. So yes, it’s still a GREAT rate.
In fact, CNN’s Money just wrote an article “4 reasons 2016 is the year to buy a home.”
Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago.
— This information is just a sampling of what’s in our Winter Buyers Guide. Feel free to view it here.