A Snapshot of Mortgages
The above infographic is a look at a Snapshot of Mortgages, Interest rates, FICO Scores, and Mortgage Credit Availability over the past couple of years since 2013.
You can see rates initially started fairly low in January of 2013, around 3.25%, but then rose fairly quickly throughout the course of 2013 to around 4.6%, then retracted a little in 2014, but were still nearly .75 of a point higher than at the beggining of 2013. But as you can see, experts are projecting rates to rise to over 5% by the end of 2015.
We have also seen the average qualifying FICO score drop between 10-20 points depending on your loan type, since 2012
Since April of 2013, mortgage credit availability, meaning the ability for Americans to obtain a mortgage have increased substantially!
What does all this mean? It means while interest rates are still low, you should consider entering the market and purchase your next dream home. While the lending guidelines have tightened in the last few years, some of the required minimums have decreased allowing qualified individuals to enter the market.
No matter whether you are buying or selling, give John Hrisco & Associates a call to assist you with your next real estate transaction.