Afternoon Contrast at Butterfly by local artist Chris Potter
This year’s mortgage rates are the lowest in more than 40 years.
Some analysts predict that the Federal Reserve will raise interest rates later this year, but they should still be at their lowest levels since many of today’s homebuyers were born. That’s according to Freddie Mac’s September 2016 Outlook, which projects the 30-year fixed mortgage will average 3.6 percent for the year, down from 3.9 in 2015. The company is also optimistic about the housing market, upwardly revising its home price appreciation forecast to 5.6 percent this year and 4.7 percent in 2017. “The housing market remains a bright spot for the U.S. economy,” says Freddie Mac’s Chief Economist Sean Beckett. He predicts that mortgage originations will spike in the third quarter to reach their highest levels in four years.
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