I am often asked where I think
mortgage rates are headed over the next year. The best people I can go to on
this issue are the people who deal with it on a daily basis – The Mortgage Bankers Association (MBA).
Here is what was reported by MarketWatch
in a recent article:
“After reaching record lows in 2012,
mortgage rates are expected to creep up slowly in the year ahead, the Mortgage
Bankers Association predicted.
Rates on the 30-year fixed-rate
mortgage are expected to average 3.8% in the fourth quarter of 2012, rising to
3.9% in the first quarter of 2013 and eventually rising to an average 4.4% by
the fourth quarter of next year.”
If the MBA is correct, mortgage
interest rates could inch up almost a full percentage point in the next year.
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