Home Mortgages: Should You Buy or Sell This Year?

Although interest rates are slightly higher than they were last year, they are still at historically low levels, and buyers are eager to lock in before they increase. Nearly half of Americans feel that interest rates will increase in the next 12 months. Here’s an overview of the mortgage market:

MORTGAGE RATES ARE STILL LOW.

30-year fixed rate – 4.20%

15-year fixed rate –  3.31%

5/1-year ARM – 3.05%

Adjustable – 2.40%

MANY AMERICANS ARE MORE CONFIDENT THAT THEY WOULD QUALIFY FOR A MORTGAGE TODAY.

49% said that it would be easy for them to get a home mortgage today, up 4% from last fall.

$154,365 – Average mortgage debt.

Mortgage interest rates averaged 4.36% on a 30 year loan in Q1 2014.

 

3 Reasons to learn more about the mortgage market:

1. If you’re buying a home, knowing more about the mortgage market can help you lock into lower interest rates.

2. If you’re a homeowner, learning more about the refinancing options available can help you lock into a lower interest rate.

3. If you’re thinking about buying a home in the future, you can find out about the financing options available to get an accurate picture of how much you’ll need to save to buy a home.


 

Thanks to Holly Schuler at Gracy Title for this information!
 

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