Last week, the Fed announced a new rate of 3.81% on 30 year mortgage loans. Our fathers and grandfathers might have drooled over such a low rate, but it's up from 3.59% the week before. Economists are predicting higher rates, by as much as one or two whole points, by the end of next year. Are you ready to jump on the buying bandwagon?
A tick up in rates is sure to push more buyers into the market. Attractive loan packages (but not as creative as the ones in the mid 2000's that lead to the economy crashing) make it more appealing for borrowers.
The already crazy feeding frenzy of buyers is about to get crazier.
If you're thinking of finally taking the home ownership plunge, check out this article for ways to stand out from the crowd and get the home you want.