According to CBS Money Watch, interest rates have found themselves creeping upward and have reached their highest point in over a year. This turnaround from last year’s trend shows no sign of stopping, as rates inch closer to four percent each week. The interest rate charged determines the cost of the mortgage and the amount of the monthly payment; therefore, this is the perfect time for you to purchase one of our Lancaster new homes before rates continue to rise!
It must be kept in mind that these rates tend to fluctuate- what happens one month might not be telling of what is to come. This year, for example, rates began climbing in January, fell drastically in early May and then rose back upward toward the end of the month.
The recent up-creep of mortgage rates bears positive economic news in respect to the housing market, and analysts feel confident that the recovery is here for the long haul. Many different reported numbers show that home prices and sales are increasing, causing quite the turnaround from last year’s slump. This has led to an increase in consumer confidence unparalleled in the last five years.
Despite the Federal Reserve’s efforts to keep rates low, soon artificial manipulation of the market will no longer be necessary. As people currently are rushing to take advantage of the lower rates and prices, it is only a matter of time before they creep back up to their normal rates.
Don’t wait until mortgage rates increase even more—purchase today! For more updates on our homes, visit Keystone Custom Homes on Facebook.