Mortgage rates are always changing. They go up; they go down. For a 30-year fixed rate mortgage, rates peaked in 1981 at 18.63%, unheard of in today’s era of low-interest rates. Mortgage rates bottomed out in 2012 at 3.31%, according to Freddie Mac’s Primary Mortgage Market Survey.
If you’re buying a home, you need to pay close attention to mortgage rates. They have a significant impact on the cost of buying a home. As the rates increase, your monthly payments go up. When rates go down, the cost of a home declines. For 2018, experts are predicting rates will increase.What influences mortgage rates?
A variety of factors influence mortgages. They can [...]
The dawn of a new year brings with it the new chairperson of the Federal Reserve, Jerome Powell. In one of Janet Yellen’s final acts before leaving office in early February, she presided over the Fed’s decision not to raise mortgage interest rates during the first quarter of the year.
Powell is expected to continue the Federal Reserve’s conservative policy of raising rates gradually if the economy remains strong. Should inflation increase, we can expect the Fed to act more aggressively and raise rates faster. During the current economic boom, inflation has been low but may increase as the economy grows.
Other factors besides the Federal Reserve’s [...]
Raise your glasses to these fast-growing cities! According to the U.S Bureau of Labor Statistics, these cities had the largest number of employment growth this past year.Grand Rapids, Michigan
Grand Rapids had a great year and is fast becoming one of the most popular cities in the country. Located on Michigan’s largest waterway, the Grand River, Grand Rapids is fast-growing in more ways than one. This bustling West Michigan city has some booming industries including manufacturing, information technology, life sciences, food processing, and aerospace and defense according to The Right Place. This metropolitan region had a 4.4% increase in employment. Orlando, [...]