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Mortgage Rates Finally Reverse Course


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mortgage rates

 

There’s an old saying that all good things must come to an end.  And the historically low mortgage rates of recent months might be the next good thing to come to an end…


Investors debating the right time to invest in rental properties or a personal home may be jolted into action by the latest news. The mortgage rates are on the move again but they are finally reversing course, moving in an upward direction for the first time in a month. The historical low rates of 3.87% may well remain the lowest the real estate market has ever seen because, for the time being, 30-year fixed mortgage rates are registering a rise to an average 3.95%. The 15-year fixed loans have also moved up from 3.16% to 3.19%.


This increase in mortgage rates comes close on the heels of a market buzz about a recovery in the housing market. While the recovery has been slow to the point of sluggish, several market factors are beginning to point towards a healthier housing scenario in 2012.

The current increase indicates only a trivial change in the monthly mortgage payments of the average homeowner, but the situation is likely to change as the recovery moves into higher gear. Although the rates are expected to climb at a slow rate, homeowners should prepare for mortgages becoming more expensive over the coming months.

Click for a full rundown of current mortgage rate trends.



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