Why 5 Mortgage Rates Are Still A Ways Off
Whether you like it or not, mortgage interest rates are a big driver of the housing market. We’ve been spoiled with ultra-low rates the past few years, with many experts predicting that 2014 would be the year of 5% rates. They were wrong. Furthermore, we’re not going to be seeing 5% mortgage rates anytime soon. When mortgages are easier to obtain, then you can start being concerned about the extra interest and how much more that home will cost you. Until then, mortgage rates are more likely to stay in the low-4% range throughout 2015, with perhaps a few intermittent spikes as high as 4.75%. As long the ability to obtain credit continues to be tough, the prospect of mortgage rates rising to 5% is not likely to occur.