Historically Low Mortgage Rates Coming to a Close!

We have been experiencing historically low interest rates, however, the market is changing. If you have been considering purchasing or refinancing a home, 2016 might be a great time to call the movers!

Whether you or a relative is in the market for a first home, move-up with a growing family, or possibly downsizing, the new year may be the optimum time to buy. CNN Money suggests rising property costs will level off in this next year. With the anticipated slowdown in home prices it is predicted that more owners will list their homes giving buyers more selection. In addition, the new home market has been picking up steam and will continue as more builders focus on the starter and mid-range homes, adding to even more inventory.

As predicted, interest rates are rising. In fact, the Federal Reserve increased interest rates for the first time in a decade which could mean the window of historically low mortgage rates could be coming to a close.

For today’s rates contact 916-774-3167!

Housing rents are still excepted to rise, which means that in most cities buying will remain a cheaper option. With that said, even with interest rates increasing and mortgages becoming a bit more expensive, purchasing still might be the better way to go. It’s estimated that interest rates would need to rise to over 6% for the cost of purchasing to equal that of renting.