Photo Courtesy of Kitty Hawk Kites
The low interest rates we are currently experiencing are not going to stay around forever. The big brouhaha in economics recently... is that it is generally expected that mortgage rates will rise by year's end... like the kites on Jockey's Ridge. Interest rates would still be quite low by historical standards. However, a rising monthly payment - thanks to rising interest rates- could cause sticker shock for many potential homebuyers. The current projections from Freddie Mac, Fannie Mae, NAR and the Mortgage Bankers Association all agree that interest rates will increase to between 4.3-5.4% by the end of 2015.