This Mortgage Rate Comparison From the 1970s - Present May Surprise You

The Keeping Current Matters blog recently released an infographic with compelling insight into the trajectory or mortgage interest rates over time. Take a look:

Mortgage Rate Historical Table

Surprised? Many are. Mortgage interest rates are exceptionally low, which is an encouraging sign for buyers in all areas.

Rates remain low, but projected to increase

However, mortgage interest rates are projected to begin increasing, and begin increasing soon. Time is of the essence for interested buyers while rate increases are eminent in 2015.

The National Association of Home Builders and the National Association of Realtors both take detailed looks at the affordability of purchasing, and measure it over time in their respective indexes (the HOI and the HAI.) Both indexes are in agreement - the cost of buying a home is now beginning to increase, which will steadily decrease affordability.

Now is the time for tentative homeowner to act. All of the most current data continues to point to a decrease in affordability for all homes in all regions. If you've been on the fence about buying a home, know that waiting another year could very well make the difference between being able to afford you dream home and it being just a little too far out of reach.

Uncertain how the trajectory of the housing market will directly apply to you? Looking for some guidance in buying a home? Don't hesitate to send us an email or give us a call. We'll be happy to hear from you.

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