Mortgage interest rates are rising and have been over the last several weeks, as reported by Freddie Mac. Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors all call for mortgage rates to continue to rise over the next four quarters into 2018. This will cause real estate in Northern VA to be less affordable as I mentioned in this article, Cost Interest Rate Makes.

Some home buyers have become frustrated that they may no longer be able to get a rate below 3.5%. However, all should keep in mind that current rates are still at historic lows.

Here are the average mortgage interest rate over the last several decades to put this in perspective:

Bottom Line

Maybe you missed the lowest mortgage rate ever offered, but you can still get an mortgage rate at a historic low. First time home buyers and trade up buyers in Northern considering a home purchase, should take advantage of these low rates.

Thinking of a future move to Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, City of Fairfax, Falls Church, Great Falls, Herndon, McLean, Oakton, Reston, Sterling, Tysons Corner, Vienna, or anywhere in Northern VA. Le’t meet for a free consultation to see if this is a good time for you to buy!

Article originally posted on my KCM blog, here.