Wisconsin, Illinois, Minnesota and Florida Mortgage Rates as of
06/17/2013 at 9:33 AM CST
Current Mortgage Rate Trend: Steady
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Predicting the future of mortgage interest rates is similar to forecasting the weather. Yes, there are some scientific principles at work that can help people make a reasonable forecast. However, there is a bit of guesswork involved too. The question on the minds of lots of veterans, especially those that have yet to use their home purchase eligibility, is “how long will the mortgage rates remain this low?”
The current agreement among most market analysts states that the VA mortgage rate will likely rise by the end of the year 2013 and again in 2014. As of this writing, economists think that the rate could reach 4.6% before December 31, 2013.
Recent reports from March and April of this year indicate that the housing market is definitely recovering from the downturn of the past few years. This means that home prices will continue to rise during the year and the number of available homes will likely drop. Understanding the whole process of buying a home will greatly help first time home buyers who are diving in to the real estate market.
Mortgage rates have hovered at record lows for a few years. However, the number of people buying available homes is still not meeting the demand. The reason for this is quite clear. Sellers are usually not in a position to make any major repairs or improvements in order to sell a home and buyers do not have a lot of cash to use towards new carpet, fresh paint and other modern conveniences. Thankfully, the FHA 203k loan can help solve both of these issues.
For years people have struggled to understand the APR (Annual Percentage Rate) number that appears in mortgage applications. Unfortunately, the number is confusing at best and misleading at worst. Relying on the APR to compare various loans is a good way to get a headache and waste precious time.
The number of homes priced above $500,000 continues to grow. Many buyers are choosing to move-up in home price and the low mortgage rates are making it possible for more families to secure that dream property with a jumbo mortgage. This change in the market is also driving up the sales of homes priced over $1 million.