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Why Mortgage Rates Will Likely Rise in 2017

You’ve probably heard from multiple industry sources that mortgage rates will likely rise in 2017. There are several reasons why this is expected to occur:

The Market Has Strengthened

Interest rates were kept low for many years because of the declining market. Low rates were intended to help boost a troubled economy. The real estate market has improved significantly over the last few years. In fact, in many markets in MA and NH, home prices are returned to levels seen back in 2008. Multiple offer scenarios and homes selling for much higher than asking price is becoming the norm again. With all of these improvements, it is unlikely that rates will be kept low for much longer.

Expert Predictions

 

Fed board members have been predicting a rate hike. In fact, many economists have predicted it as well. Although past predictions have not always materialized, other economic indicators seem to add weight to this forecast.

Impact on MA Home Purchases

Even small fluctuations in interest rate directly impact home buyers and their mortgages. The impact is naturally greater for higher priced homes. If you are looking to purchase a home in 2017, it is important to know what monthly payment you qualify for and what the current interest rates are. Before making an offer to purchase a home, be sure to check the updated rates and confirm that it still falls within your qualification limits.

Mortgage Rates Will Likely Rise In 2017, So Act Now

With the expected increase in mortgage rates, the best time to buy is now. Take advantage of the current low interest rates and pre-spring home prices. Working with a good lender is critical to obtaining the best rates and terms possible for your mortgage. Contact me for a free mortgage pre-approval!

 

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About Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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