Today, Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, signaled that an interest rate increase in March is likely. The Feds expect the economy to continue to improve; and accordingly, for interest rates to continue upward on a gradual incline.
30-year fixed rates:
Last summer – 3.75%
Now – 4.375% to 4.5%.
How long will it take to get to 5%?
I think that is the appropriate question: how long until rates are at 5%?
Not “if” but “when”?
If you have been procrastinating in buying a home, waiting for flowers or sunshine, that is a mistake. Not only will rates be higher, but sellers price their homes higher when their yards are gorgeous. Statistically, bidding wars are at their fiercest in March when both sellers and buyers come out of hibernation. Be smart and beat the rush if you can.
Have you been procrastinating…