The Federal Reserve raised the short-term interest rate slightly last week, but that didn’t affect the nation’s mortgage rates!
Experts predicted that the Fed’s recent rate hike may cause mortgage rates to increase, but rates actually decreased slightly to 3.96% for the average 30-year fixed.The average 15-year fixed rate mortgage currently stands at 3.22%, according to Freddie Mac.
Still, industry insiders are warning consumers that mortgage rates will inevitably increase in 2016, after years of historic lows. Rates are expected to crawl up to 5% in the coming months.
Wondering if you are ready to qualify for a mortgage and purchase your first home? Give us a call at (215) 699-5555! We’d love to introduce you to friendly, local mortgage lenders and real estate agents who will guide you throughout every step in the process.