homeownership, homeownership rate, American Dream, first-time home buyers, #christianpenner, #ChristianPennerMortgageTeam, #DreamHome, #FannieMaeLoans, #FHAloans, #Fix&FlipLoans, #ForSale, #FreddieMacLoans, #HouseHunting, #JumboLoans, #mortgagebroker, #MortgageLenderWestPalmBeach, #MortgageRates, #NewHome, #PrivateLoans, #RealEstate, #ReverseMortgages, #SelfEmployedLoans, #USDALoans, #VALoans, mortgage broker west palm beach, palm beach mortgage, mortgage brokers palm beach county, hard money lenders west palm beach, palm beach mortgage, mortgage brokers palm beach county, the mortgage team, palm beach mortgage group, plam mortgage, jupiter lending, mortgage companies in florida, mortgage broker west palm beach, palm beach mortgage, mortgage brokers palm beach county, hard money lenders west palm beach, west palm beach mortgage company, mortgage rates, simple mortgage calculator, mortgage amortization calculator, mortgage calculator with pmi, mortgage calculator zillow, mortgage calculator texas, mortgage cost calculator, mortgage simple definition, va mortgage calculator, va mortgage rates, va home loan requirements, va loan benefits, va home loan benefits, va loans bad credit, va home loan certificate of eligibility, va personal loan, usda rural development, usda mortgage calculator, usda direct loan, usda mortgage rates, usda loan credit requirements, usda lenders, usda loan income limits, usda direct loan income limits, usda loan calculator, usda loan rates, usda direct loan, usda mortgage rates, usda home loan calculator, what does usda do, usda loan income requirements, usda loan eligibility map, usda loan rates 2018, usda lenders, usda loan income limits, usda business loans, usda loan home condition requirements, usda home loan map, usda credit score waiver, what does aphis stand for, quicken loans 1 down payment, fha mortgage lenders near me, usda loan requirements pa, what does fsis stand for, usda organic full form, top usda lenders, does quicken loans do 203k, where to apply for a usda home loan, mortgage calculator, what is a jumbo loan, jumbo loan rates, fha loan limits florida 2018, what is a gse loan, gse 1 unit limit, va loan limits florida, conventional loan limits florida 2018,

Planning to Move? You Can Still Secure a Low Mortgage Rate on Your Next Home

This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.

After creeping up for seven consecutive weeks, average mortgage rates have dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage of selling your house now? Securing a low mortgage rate on your next home.

To take advantage of today’s real estate market, experts are encouraging homeowners to act now before interest rates climb. Danielle Hale, Chief Economist at realtor.com, explains:

“…mortgage rates slid for a second week … but we don’t expect rates to stay at this level for too long.”

Hale continues to say:

“For sellers, getting in early optimizes odds of a quick sale at a good price before there’s too much competition, but that means acting now … In this environment, sellers probably really can’t go wrong, and that’s especially true in the nation’s hottest housing markets where homes are selling quickly and getting the greatest number of viewers online.”

Most experts agree that rates will continue to trend upward. Sam Khater, Chief Economist at Freddie Mac, states:

“Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”

In addition, Freddie Mac recently released their Quarterly Forecast, which notes:

“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.” (See graph below):

While buyers everywhere want to secure the lowest rate possible, it’s important to remember that today’s rates are still much lower than the historic norm. Odeta Kushi, Deputy Chief Economist at First American, emphasizes:

“While mortgage rates have trended up in recent months, they are still historically low, so relative to one year ago, housing actually is still more affordable and that’s really thanks to this low mortgage rate environment we find ourselves in.”