Why Are Interest Rates So Low?

In a recent report, the average rate for 30-year mortgages have been shown to fall to 3.63% with 15-year fixed rate being an average of 2.93%.

This is an unexpected low, and economists aren't sure how long it will last.

However, there is some speculation as to WHY they are so low, which is that the price of oil has fallen to its lowest number in nearly a decade. This effects the rate of inflation and, in turn, the rates on mortgages and loans.

While this is a great time to get a mortgage, the opportunity may slip away sooner than you would expect. One estimation from Freddie Mae expects an increase from anywhere to 4% or 5% 30-year fixed rates.

Now is the chance to lock in an amazing rate that could ultimately save you more than $1,000 a year!

For more information on how to get the most out of your mortgage, or about the process of buying a home, call me!