Year End Interest Rate Increase
It’s happening. We are beginning to see the year end interest rate increase we’ve been anticipating throughout 2015. As we approach the end of 2015, we are seeing interest rates begin to rise. The average US long-term mortgage rates are edging higher this week following three straight weeks of declines.
In light of the upcoming Fed meeting scheduled for December 15 & 16 and our Interest Rate Outlook 2016-2017, perhaps the move is beginning sooner than expected. Here’s a look at rates for fixed- and adjustable-rate mortgages this week and over the past year (2015):
|Current Avg ( (12/11/15)||Last week (12/04/15)||52-week High||52-week Low|
|30-year fixed||3.95 percent||3.93 percent||4.09%||3.59%|
|15-year fixed||3.19 percent||3.16 percent||3.25%||2.92%|
|5-year adjustable||3.03 percent||2.99 percent||3.03%||2.83%|
|1-year adjustable||2.64 percent||2.61 percent||2.65%||2.37%|
First, you need to find a property and submit a agreement of sale. You cannot apply for a loan if you don’t have a property to purchase.
Next, if you own a home and have put off refinancing, NOW is the time to lock a rate and refinance your loan.
Finally, as the year end interest rate increase is underway, it’s never to late to lock in your rate. Find your PA Home for sale with Home Marketsite.