When will residential financing interest rates rise?
Posted on Tuesday, September 27, 2016 at 9:24:14 PM
Interest rates on a range of personal loans have been lower than seen in decades and, in some instances, below historic depths, throughout the past year or two. This has lead many consumers to take out new financing on their homes, automobiles and more. However, considering how long these interest rates have remained so low, one can only wonder how much longer the market will remain in this highly preferable position for borrowers.
The Post Bulletin recently reported that the average fixed-rate, 30-year mortgage had an interest rate of 3.43 percent in the beginning of September, and that other terms are still well below average as well. Throughout September, other reports have sometimes logged slight increases, but nothing of significance in this regard. Still, analysts have been arguing that interest rates will almost certainly begin to rise at the beginning of 2017.
For this reason and many more, consider working with a local bank to establish if a new mortgage - or refinancing program on an existing loan - is the right move with the interest rates still so low. Before long, they will indeed begin to creep up.