Should I pay an interest rate over 4%?

Should I pay a mortgage interest rate over 4%?

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.

 

average interest rates through the 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.”

 

Bottom Line

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.

 

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