Well, it seems the mortgage interest rates might really, finally, be on the rise -- for good. Over the past several years there were several times when I thought they might be rising -- but then they'd fall again a few weeks later.
We have seen a rather steady increase in mortgage rates since November 2016 -- and it is not yet clear when that increase will slow down or stabilize. Maybe around 4.25%? Hopefully?
From June 2016 - October 2016 we saw average rates below 3.5%. We're now up to 4.3%. That types of a change in mortgage interest rates
impacts payments for buyers and could affect
the number of home sales we will see in 2017.
While I don't think we'll see rates fall back below 4% in 2017 -- I am hopeful that they'll stay between 4.25% and 4.75%. Stay tuned for further updates.
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