30 YEAR MORTGAGE RATES
Mortgage rates for 30 year loans dipped below 4 percent in the latter part of October, continuing a five week trend of mortgage rates sliding downward. The mortgage rates for 15 year loans also reached a new low. The popularity of the 15 year loans is mostly with those considering refinancing. Many lenders across the country have received a flurry of calls and inquire from homeowners wishing to take advantage of the new low rates.
The outlook for this year and into 2015 was mortgage rates will continue to rise and could very well go as high as 6 percent. The predictions regarding the Federal Reserve raising its key short term rate which would in affect raise the mortgage rates did not pan out. The stock market plunged, predictions of global economic weakness, Ebola crises, and unrest in the Middle East, investors looked for a safe haven for their money in U.S. Treasury bonds. Thus, the strong demand for the bonds sends the yield down.
So…….. if you are considering purchasing a home or even refinancing, NOW would be a good time!!!!