Mortgage Rates: Past, Present and Future

Over the past 30 years, mortgage rates have ranged anywhere from a high of 18.63% in the early 80′s, to a low of 3.2% in late 2013. While rates are considerably low, many prospective homeowners have been able to buy now, taking advantage of a more manageable monthly mortgage payment which can be a huge factor in the overall affordability of the home buying process. But what is in store for mortgage rates in 2014?
After hitting an all time low near the end of 2012, rates have progressively risen throughout 2013, but now that the Federal Reserve has announced it will begin to wind down the stimulus program, which has helped keep rates down in the past, and rates are expected to rise above 5% as the economy continues to recover. Those who missed out on the 3% mortgage dip might feel disappointed that they didn’t take advantage of the historic low, but in comparison rates will still remain considerably low over the course of the year. For more information on Seattle Real Estate, contact your local real estate agent today.