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How Long Will Mortgage Rates Stay This Low?
As summer winds down, some home buyers in Massachusetts are still waiting for the perfect opportunity to pull the trigger on their home purchase. With higher interest rates looming as a possibility, some mortgage professionals are urging fence-sitting home buyers to make their move.
Last week, rates for 30-year home loans edged down a bit, staying close to record lows that were seen in the spring.
According to Freddie Mac, the average 30-year fixed rate mortgage was 5.08 percent which is down from 5.14 percent a week earlier. 15-year fixed rate mortgages fell to 4.54 percent, from 4.58 percent previously.
Bob Walters, chief economist at Quicken Loans says, "The best time to buy a house or refinance - solely from an interest rate standpoint - is now. All of us who have been in the business for a while know that interest rates rise faster than they fall and they usually rise in a very unexpected time frame. People could wake up to substantially higher mortgage rates at some point."
While interest rates are usually tied to the actions of the Federal Reserve, the anticipated inflation rate may be a more accurate indication of where mortgage rates may be heading. Currently, ... more
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