January 10th, 2017 5:40 PM by Elizabeth Washburn
Since the election,
the average mortgage rates have increased. The nine-week rise came to a sudden end today
with rates decreasing during the first week of 2017. The average mortgage rate
for the 30-year note dropped by 12 basis points to 4.20 percent. Rates for the
15-year notes decreased from 3.55 to 3.44 percent. It is still higher than
prior to the election, but a new trend always starts with a first day.
This drop is good news
for last minute refinancers or purchasers seeking a mortgage. If restructuring
your mortgage is rate sensitive, it is likely time to take action since most
experts expect rates to continually climb throughout the year, despite the
Compared with rates in
previous decades, current rates are low for mortgage borrowers. This is set to
change, though, with rates having the potential for a rise to 5%+ during the
coming year. It means that homebuyers, especially first-time buyers, should
attempt to purchase sooner rather than later, or face decreased home price qualifications
in the future.
If you're interested in
refinancing or making the dream of homeownership a reality,
visit www.NewThresholdMortgage.com for more information and achieve your next step.