Mortgage Rates At All Time Low
Mortgage rates are at a historical low. But how will they last, experts ask. For nine weeks straight, the 30-year fixed-rate mortgage has been around or below record lows of 4 percent, making it awfully tempting for buyers to jump off the fence. But how long will these low rates remain low? The Federal Reserve has vowed to keep rates low through 2013 so rates likely will hang around for a few more months, at least, but whether mortgage rates will stay at the current record-lows, many experts say it’s unlikely.
Don't Miss Your Chance
The 30-year fixed-rate mortgage is expected to inch up to an average 4.5 percent for 2012 and increase to 5.4 percent in 2013, according to Freddie Mac economists’ forecasts. While that forecast means rates are expected to move higher in the coming months, the rates will still be low by historical standards, economists told the Los Angeles Times. For comparison, 30-year rates averaged more than 16 percent in 1981 and 1982. What’s more, until 2000, rates typically were above 8 percent, Freddie Mac notes.
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