Forecast for Mortgage Rates in April 2018
If you’ve been watching the news regarding mortgage rates, in late 2017, when thirty-year fixed rates were still in the high-3s, economists put rates in the mid-4s this year. And guess what? They were right. Rates have shot past 4-year highs by approaching 4.4% by mid-February.
However, rates are still low by historical standards, and should not deter home buyers. Home sales are up 1.1 percent from a year ago according to the National Association of Realtors.
So if your considering a refinance or a home purchase it’s not advisable to sit by and hope for a massive rate drop because the chances of which are slim to none. Rates available now are likely the best we'll see in 2018, despite the recent push upward.
Freddie Mac: Mortgage rates reach a 4 year high
Mortgage rates just broke a barrier not surpassed in the prior 220 weeks.
Since January 2014, rates had remained below 4.45%, until the late stages of March, according to mortgage agency Freddie Mac.
The 30-year fixed rate average is up 67 basis points, or 0.67%, compared to lows reached in September.
What does that mean for the home buyer or refinancing homeowner? Unfortunately, it means a higher monthly payment. However, please keep in mind that these rates are only high when compared to some of the lowest levels ever recorded.
(The 30-year rate eclipsed 6.5% in 2008).
Looking at the entire 2,450 weeks Freddie Mac has been recording data, only 350 weeks offered mortgage rates lower than today's levels so let’s keep that in mind.
Locking in today yields a rate better than could be had by 85% of homeowners in history. How’s that for turning a frown upside down?
When considering a Real Estate Appraiser, consider that Paul Johnson and his staff at Sun Point Appraisals, Inc., have been keeping clients happy since 1998. Experience matters. Call us today to schedule your next real estate appraisal 480-595-0188 or visit or website to place your order there at www.SunPointAppraisals.com
- Angela Johnson
REALTOR and VP of Sun Point Appraisals Inc.