Chicago, IL (PRWEB) August 10, 2014
Peoples Home Equity thinks the housing market has proceeded quite well this summer, weekly home sales have nearly surpassed their peak of last year and median home sale prices are at multi-year highs. One reason why the market have fared so well this year is mortgage rates, which were relatively higher last summer, started falling to opportune levels this year. On Thursday August 7th, Freddie Mac released its weekly mortgage rate survey results showing the progress of mortgage rates, the conclusion is that rates are relatively low.
According to Freddie Mac mortgage rate survey, 30-year rates reached 4.14 percent this week which is 0.02 percent higher that of last week (4.12 percent). 15-year loan rates increased from 3.23 percent to 3.27 percent. Peoples Home Equity reminds readers that even though mortgage rates rose slightly this week, they’re relatively lower than 5 months ago. 30-year loan mortgage rates were 4.53 percent in the beginning of this year, and now they are down to 4.14 percent. Also shown reflected in the survey was that home prices which rose a bit this week, but only by a very small margin.
Due to an ever improving economy and a high trending stock market, the Federal Reserve has declared that they will raise their short-term interest rates but only after they observe some further improvement in the overall economy. For the sake of home buyers, Peoples Home Equity hopes that the mortgage rates will continue to remain relatively low at least for the remainder of the year. That said, individuals should at least apply for a home loan now so as to hedge against higher interest rates. Individuals can lock in mortgage rates much faster after having gone through the introduction and application process with a lender versus just applying frantically in a rising rate environment. Higher rates equals potential tens of thousands of dollars lost in interest payments on a mortgage. If interested a purchase a property soon, even in 4 months from now, consider contacting a Peoples Home Equity loan officer today at: 262-563-4026.