This might be the last of the low interest rates!
If you are looking to buy a house, you may want to stop shopping rates and start locking in the last of the low interest mortgage rates.
Federal Reserve Chairwoman Janet Yellen indicated that The Fed is poised to raise interest rates this month — the first time in nearly a decade!
I blogged that this might happen, back in October.
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The Christmas shopping season kicks into full gear, those looking to buy a house might also want to stop shopping rates and start locking in the last of the low interest mortgage rates.
Rates on a 30-year fixed-rate mortgage fell to 3.93% for the week ending December 3, according to Freddie Mac. That’s down 2 basis points from last week’s 3.95% average, according to the Primary Mortgage Market Survey. Last year this time, the 30-year fixed rate mortgage averaged 3.89%.
This might be the last of the low interest rates.
Right after the survey closed, Federal Reserve Chairwoman Janet Yellen indicated that The Fed is poised to raise interest rates this month — the first time in nearly a decade. Her remarks at the Economic Club of Washington highlighted the economy’s growth since the Great Recession. She pointed to gains in employment. At the peak of the recession, the unemployment rate reached 10% in October 2009. In October of this year, it was down to 5%. While she stopped short of saying that the labor market has reached full employment, she strongly implied that The Fed will take action at its December 15-16 meeting.
Advice to those looking to buy, lock now.
The 15-year fixed-rate mortgage averaged 3.16% down from 3.18% last week. It averaged 3.10% last year this time.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.99% this week