If so, sooner is better than later….Americans are regaining faith in the economy. Indexes have each shown a dramatic jump in consumer confidence!!
This usually means great news for the housing market when we are all seeing an optimistic future. The consumers are starting to dream again….about the home their family has always wanted. Now may be the best time! Why? Because the two components of your monthly mortgage payment (home prices and interest rates) are both expected to increase as the year moves forward, and interest rates, may increase rather dramatically.
Here are some predictions about where rates will be by the end of the year:
We think that conforming 30-year fixed rates probably make it into the 4.625 percent to 4.75 percent range at some point during 2017 as a peak.
Svenja Gudell, Zillow’s Chief Economist
I wouldn’t be surprised if the 30-year fixed mortgage rate hits 4.75 percent.
Mark Fleming, Chief Economist at First American
I see mortgage rates getting much closer to 5 percent at the end of next year.
Lawrence Yun, NAR Chief Economist
By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percent range.
So what’s the bottom line here?
If you are feeling good about your family’s economic situation and are considering making a move to your dream home, doing it sooner rather than later makes the most sense. Let’s chat: 631-774-2528