Luxury Homes Las Vegas - A few months ago mortgage rates hit historic lows, but now rates are on a slow climb. Will higher interest rates have an effect on Luxury Housing affordability? Are historic low mortgage rates history?
Near-Record Lows
For the second consecutive week, the Freddie Mac Primary Mortgage Market Survey showed no change in average fixed mortgage rates. For the week ending February 14, the 30-year fixed-rate mortgage averaged 3.53 percent; by comparison, last year's rate averaged 3.87 percent. The 2.77 percent 15-year fixed-rate mortgage is also lower than 2012's rate of 3.16 percent. These near-record low rates are making home ownership more affordable than ever before. See more Luxury Homes News!
For the second consecutive week, the Freddie Mac Primary Mortgage Market Survey showed no change in average fixed mortgage rates. For the week ending February 14, the 30-year fixed-rate mortgage averaged 3.53 percent; by comparison, last year's rate averaged 3.87 percent. The 2.77 percent 15-year fixed-rate mortgage is also lower than 2012's rate of 3.16 percent. These near-record low rates are making home ownership more affordable than ever before. See more Luxury Homes News!
- Luxury Homes Las Vegas
Are Rates Beginning to Climb?
But the days of historic lows may soon be coming to an end. In November, the 30-year fixed-rate mortgage broke a historic record by averaging 3.31 percent. By the end of January, that rate climbed back up to 3.53 percent. Economists with Freddie Mac expect mortgage rates to continue the climb. A gradual increase is expected through 2013, with December's average rate projected to reach around 3.75 percent. A year later, Freddie Mac economists believe average rates could increase to 4 percent. The Mortgage Bankers Association, meanwhile, predicts the 30-year fixed-rate mortgage to end 2013 at 4.1 percent; 2014 will see the rate climb to 4.5 percent.
But the days of historic lows may soon be coming to an end. In November, the 30-year fixed-rate mortgage broke a historic record by averaging 3.31 percent. By the end of January, that rate climbed back up to 3.53 percent. Economists with Freddie Mac expect mortgage rates to continue the climb. A gradual increase is expected through 2013, with December's average rate projected to reach around 3.75 percent. A year later, Freddie Mac economists believe average rates could increase to 4 percent. The Mortgage Bankers Association, meanwhile, predicts the 30-year fixed-rate mortgage to end 2013 at 4.1 percent; 2014 will see the rate climb to 4.5 percent.
Rates Are Still Low
Although mortgage rates are rising, they are still lower than last year and completely affordable. With the Federal Reserve's plan to buy $40 billion in mortgage-backed securities every month until employment improves, mortgage rates will stay near their record lows in the future. Home buyers can be guaranteed a reasonable mortgage rate for the next few years.
Although mortgage rates are rising, they are still lower than last year and completely affordable. With the Federal Reserve's plan to buy $40 billion in mortgage-backed securities every month until employment improves, mortgage rates will stay near their record lows in the future. Home buyers can be guaranteed a reasonable mortgage rate for the next few years.
Speak to one of Luxury Homes of Las Vegas Specialists today - call 702-588-6868.
SEE ALL LAS VEGAS LUXURIOUS COMMUNITIES HERE:
- Anthem Country Club Las Vegas
- The Ridges
- Vertical Las Vegas
- Red Rock Country Club
- Southern Highlands
- Canyon Gate Country Club
- MacDonald Ranch
- Lake Las Vegas
- Summerlin
- The Lakes
- Spanish Trails
- Tucson Ridge
- Seven Hills
homes las vegas, http://www.myluxuryhomesoflasvegas.com, Las Vegas Dream Homes, Las Vegas Estates, Las Vegas homes, Las Vegas Luxury Home Specialist, Las Vegas luxury homes, Las Vegas Luxury Real Estate, Las Vegas Mansions for sale, Las Vegas Real Estate Sales, Las Vegas Short Sales, luxury homes Las Vegas, Luxury Las Vegas Real Estate, Short Sales Las Vegas
No comments:
Post a Comment