As the winter weather hits or threatens to hit, many people who have actively or passively been searching for a home ask, “Should I just postpone the idea until spring?” There are many reasons to either wait or hasten the purchase of a home. If you happened to be considering mortgage rates as one variable in your decision, we thought that we’d share the one reliable forecasting model that we follow for long term mortgage rate forecasts:
Mortgage Rate Forecast for 30 Year Conventional Loan
30 Year Conventional Mortgage Rate. Percent Per Year Average of Month.
Source: Forecasts.Org. Updated Wednesday, October 15, 2014 – for the most up to date version of this forecast, click here.
There are of course plenty of decent reasons to wrap up a purchase this year. Some of those might be:
- If you buy a home where you’re carrying higher balances on your credit cards from holiday gifts, your credit score will be lower than it usually is and that could adversely affect the rate you get on your mortgage and the cost of your mortgage insurance. 35% of your credit score is based on the ratio of what you owe on your credit cards vs. what you’re allowed to owe.
- Tax advantages could be realized in in tax filing season vs. next.
- Late fall and winter markets are easier to negotiate seller concessions (on price, terms or seller paid closing costs).
Whatever your considerations may be, we just wanted to make sure you were equipped with the information you needed to make a fully informed decision.
Charles Dailey – NMLS 79048 – Branch Manager, Loan Officer, Certified Military Housing Specialist – 612-234-7283 – firstname.lastname@example.org
The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is provided directly to prospective homebuyers by HBM II and its real estate brokers, as part of their ordinary real estate brokerage services. HBM II, Inc. works cooperatively with other real estate agents across the United States in attempting to find ready, willing and able buyers for homes listed for sale. The role of the Preferred Loan Officer is to assist in determining a comfortable home price range for Home Buyers Marketing II, Inc. (HBM II) to use when it is searching for property listings within the buyer’s search criteria.