According to Bankrate.com mortgage rates have risen slightly this week, but if we look at the overall trend of mortgage rates we see a very different picture. We see an economy trying everything it can to stabilize the housing market and succeeding. The average mortgage rate was 3.5% in 2013, the industry responded with record number of sales and contracts being written for the first time in a six year housing slump.
2014 brought the mortgage rates over 4% and almost to 4.5%, mid way through the year. So now in September 2014 although we seem to be inching up on the mortgage rate chart, the overall movement is down. Housing is slowing ever so slightly and predicting a mortgage rate, right around 4% for the beginning of 2015 is probably a grounded estimate. Happy house hunting, as I believe we will see a dip in these rates very soon….
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