Baton Rouge Mortgage Interest Rates Are Going Up… Should I Wait to Buy?

chart showing interest rates for the last 40 years

 

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeksFreddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.

The above chart shows the average mortgage interest rate over the last several decades. Across the nation as well as here in Baton Rouge rates continue to be historically low.

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

– Glenda Daughety