What do experts have to say about today’s mortgage rates? Real estate experts know that the current mortgage rates are beneficial for homeowners, but they also warn that these low rates may not last forever. Mortgage interest rates will rise at some point in the near future and it is important to act before then. If you want to stay on top of what today’s mortgage rates are, keep reading!
The graph below shows mortgage rates going back to 2016 and where we are today by comparison.
Today’s low rates present buyers with the opportunity to get more home for their money. Even experts in the industry agree:
Chief Economist at Freddie Mac, Sam Khater, comments on how today’s rates are indeed historic:
“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time.”
Mark Fleming, Chief Economist at First American, discusses how rates can effect a buyer’s bottom line:
“Mortgage rates are generally the same across the country, so a decline in mortgage ratesboosts affordability equally in each market.”
Chief Economist at realtor.com, Danielle Hale, also highlights the significance of today’s low rates and is pushing buyers to cautiously consider their timing:
“Those who haven’t yet taken advantage of low rates to buy a home or refinance still have the opportunity to do so this summer.”
Hale goes on to say that those who don’t act soon might see a decrease in purchasing power due to higher interest rates.
“We expect mortgage rates to fluctuate near historic lows through the summer before beginning to climb this fall.”
The data from Freddie Mac shows that mortgage rates are changing slightly after weeks of remaining steady. Experts still believe that rates are low, but note that even slight changes can have a big impact on your monthly mortgage payments.
Today’s market is unique, and people who don’t take action can regret it later on. Trust the experts when they say there’s no better deal to be found; now is the time to act.
Mortgage rates are currently at a historical lowest, but experts predict that the trend will reverse itself in the coming months. Waiting could result in paying higher interest rates. Please contact me today to discuss mortgage rates and whether or not now is the time for you to buy a home or to sell and upgrade your current residence for something improved.
If you want to have a greater grasp of the market, please have a look at our market reports for the Bay Area: