2014 finished with the 30 year fixed mortgage rate at 3.87% as per Freddie Mac.
This is very close to the historic lows in the spring of 2013.
However, the Mortgage Bankers Association projects mortgage rates to be about 5% by the end of 2015.
The website Investopedia agrees and gives some perspective on the 5% rate:
“Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015.
If they do jump to the 5% range it will be a modest hike when compared to historical averages.
Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them.
Rates averaged 6% in the years leading up to the recession.”
Here are the latest 2015 mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors:
Click here to search Grayslake and Gurnee Homes for Sale.
Thinking of making a move?
Download the New Free RE/MAX Home Search App or text the word MOBILE to 224-677-2200.
Log onto my website at www.StarHomeTeam.com and search Northern Illinois Homes for sale.
Easily search Northern Illinois Homes for Sale with photos, open houses and virtual tours at StarHomeTeam.com
Jim Starwalt, Real Estate Broker
Find Me Online
2015 Home Buying - Mortgage Rate Projections