Mortgage rates forecast for April 2018Just months into the year, mortgage rates have already met 2018 predictions.
In late 2017, when thirty-year fixed rates were still in the high-3s, economists put rates in the mid-4s this year.It didn't take long.Rates approached 4.4% by mid-February and shot past 4-year highs.Fortunately, rates are still low by historical standards, and today's rates have not deterred home buyers. Home sales are up 1.1 percent from a year ago according to the National Association of Realtors.
Still, it's no time to sit by and hope for a massive rate drop, the chances of which are slim to none.
Rates available now are likely the best we'll see in 2018, despite the recent push upward.Verify your new rate (Apr 12th, 2018)Freddie Mac: Mortgage rates at highest levels in more than 4 yearsMortgage rates just broke a barrier not surpassed in 220 weeks.Since January 2014, rates had remained below 4.45%, that is, until the late stages of March, according to mortgage agency Freddie Mac.The 30-year fixed rate average is up 67 basis points, or 0.67%, compared to lows reached in September.
What does that mean for the home buyer or refinancing homeowner?
A lot.Home buyers will pay over $100 more per month for a $350,000 home with 10% down, according to this mortgage payment calculator.A homeowner looking to refinance may discover that the new loan may not yield any savings at all.Locking in today yields a rate better than could be had by 85% of homeowners in history.But there is a bright spot. Rates are only high compared to some of the lowest levels ever recorded. If you had offered a 4.45% rate to a home buyer ten years ago, they would have jumped at the chance.
If you would like more information on what you may have for mortgage options, contact Realtor Jim Matthew at Exp Realty.
Glenn Cira of Home Bridge Financial
Author:Jim Matthew Phone: 781-269-1802 Dated: April 13th 2018 Views: 317 About Jim: Born and raised in Norwood, Ma Jim attended Norwood public schools and played Norwood baseball with...
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Greg Noyes is here to provide you with all the resources and information you
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I am Greg Noyes, A Real Estate Broker/agent with Exp Landmark Realty at 630 Park Street in Stoughton,MA 02072. I have been an agent for 30 years. After spending over 20 years with the RE/MAX Landmark office, "Above the Cloud", I joined Exp Landmark Global Realty group to move "into the Cloud" to reach a new and more exciting venue in Real Estate. "With Exp we have access to ground-breaking real estate technology to better serve our agents and clients". I have specialized in all aspects of Real Estate including investments, Commercial, Residential, New Construction, Beach Front, land and multi family Properties. I put together an amazing search and sell system for you, as an agent with the best real estate tools, who is willing to help with any of your real estate needs. Call me at anytime to see how I can help you!
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