The graph below shows that in mortgage rates are near historic lows but most economists and mortgage professionals agree that 2014 is likely to bring a noticeable increase in rates.
Speaking about interest rates recently at the SFAR member appreciation day, Leslie Appleton-Young, C.A.R.’s V. P. and Senior Economist believes that we are poised to see interest rates rise to the mid-5% range over the next 12 months.
Whether its a jump to 5.2 or 5.6%, such a rise would no doubt have impact on what buyers can afford. In this context, buyers should consider completing a purchase before the rate increases take effect.
