Mortgage interest rates climbed consistently in 2018 until November. Then to close out the year we saw rates begin to trend downward, closing the year at 4.55% according to Freddie Mac’s Primary Mortgage Market Survey.
To start 2019, mortgage interest rates have continued this trend, dipping down to 4.51%. Forecasts from Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors, do predict that mortgage rates will increase in 2019, but not at the same speed as 2018 according to a recent Keeping Current Matters blog.
The lower rates could boost home sales on the heels of the spring market. Home buyers will want to get a jump on their search, and should plan to meet with a mortgage professional and realtor as soon as possible to prepare. Any change in interest rates, up or down, can impact a homeowner’s monthly payment so locking in a lower rate is a huge plus.