Last November 28, average mortgage rates continued to rise as the 30-year fixed mortgage closed at a tad higher than 4 percent. The current average starkly contrasts the average a month ago, which was around 3.34 percent. Judging from financial trends, mortgage rates may likely continue to rise.
Other mortgage averages close in at 3.16 percent for the 15-year fixed mortgage, and at 3.38 percent for the 5/1 adjustable mortgage. 30-year fixed jumbo and 30-year fixed refinance, on the other hand, are at 4.46 and 4.07 percent respectively.
The Time is Right
In spite of this rapid rise in averages, mortgage rates are still at historic lows, although the situation may change soon. To avail of these still low rates, you will have to apply for a mortgage in the coming days, if you plan on refinancing or getting your first mortgage.
Investing in a home can be a monumental decision for you. Financing from banks or a mortgage company in Ogden can help you develop the house of your dreams. In order for you to have a successful financing, you will need a significant number of savings and a stable source of income. When you have these requirements, rest assured, you will have an easier time paying your mortgage.
You can choose one from mortgages that you can pay for within differing time frames. You can apply for a mortgage that lasts for 20 years, 30 years, and even 15 years. When you get a 20-year or 30-year loan, during the course of the mortgage, you can even refinance to reduce your repayment time frame.
Experts Weigh In
Experts advise that you can and should save up before applying for a loan. You can apply soon if you have enough savings; otherwise, you still have to save up. During the course of repayment, you can also follow expert advice which is to pay off your loan quickly by increasing your monthly payments, should your income allow it.
With mortgage rates rising, you can decide now on your course of action regarding a home loan.