Mortgage interest rates were historically low a year ago, though they around 3.86%. Now, they are REALLY low, with the current average of 3.48%. But at the end of the day, they have been at or below (or just barely above) 4% for the past 12 months -- which means that it has been a fantastic year to lock in one's monthly housing costs.
But, will the interest rate be rising in December or January? There is some talk that the Fed will increase the "Fed Funds Rate" in December, which could lead to an increase in mortgage interest rates.
Oh, and just to put things in a slightly larger context, here is an illustration of average mortgage rates over the past three years....
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