Sunday
Experts: Now Is Time for Mortgage Rates
Jump in now. That's the advice from experts to people who are thinking about refinancing a home or buying one, in light of the recent drop in mortgage rates.
Those falling rates are seen as temporary. Forecasters predict rates will again start to slowly climb through next year.
Rates on 30-year mortgages hit a low this year of 5.38 percent. After that, those rates — along with rates on 15-year mortgages — moved upward in anticipation of an increase in short-term rates by the Federal Reserve. Thirty-year rates hit a high this year of 6.34 percent in the middle of May.
The Fed, wanting to head off inflation, ordered its first rate increase in four years on June 30, boosting a key short-term rate to 1.25 percent, from a 46-year low of 1 percent.
Fed policy-makers also held to the view that future rate increases would probably be gradual. But they also made clear that they would do what was necessary to keep the economy and inflation on an even keel. more..
Those falling rates are seen as temporary. Forecasters predict rates will again start to slowly climb through next year.
Rates on 30-year mortgages hit a low this year of 5.38 percent. After that, those rates — along with rates on 15-year mortgages — moved upward in anticipation of an increase in short-term rates by the Federal Reserve. Thirty-year rates hit a high this year of 6.34 percent in the middle of May.
The Fed, wanting to head off inflation, ordered its first rate increase in four years on June 30, boosting a key short-term rate to 1.25 percent, from a 46-year low of 1 percent.
Fed policy-makers also held to the view that future rate increases would probably be gradual. But they also made clear that they would do what was necessary to keep the economy and inflation on an even keel. more..
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