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Hey everyone, welcome back to another edition of the Moshofsky Mortgage Minute. A question I’ve heard a lot lately is, “When are interest rates going to go up?”
In truth, it’s a very complicated answer, and nobody really knows for certain. However, at the beginning of the year, the general consensus was that in May or June rates were going to go up. Since then, a lot of inconsistent economic data has come out, detailing lower-than-expected retail sales numbers. This has created a situation where rates aren’t rising in order to avoid stifling the economy.
We are looking at a rate increase soon, probably towards the latter part of this year. Anything could change between now and then, so it’s important to not buy your home around interest rates, but when it makes sense for you. When that time comes, we will work our hardest to be able to get you the best rate possible.
If you have any questions for me about your current mortgage, or what current rates look like, give me a call or send me an email!