Are Mortgage Rates Set to Blast Off?

 

Are Mortgage Rates Set to Blast Off

The Fed is expected to raise interest rates for the first time in 10 years and uncertainty hangs over the financial markets and the direction of interest rates. Will this be the first of many rate hikes? Will it have a huge impact on mortgage rates going forward?

Home buyers don’t need to panic, but they should have a sense of urgency if they plan to buy in the next year or so and want to get the most house for their money.

Ready to Buy? Search all Savannah area homes for sale @ www.myhomesavannah.com.

The Past

In early 2000s, following the dotcom bubble, the Fed decreased its benchmark rate to 1 percent. In the summer of 2004, the Fed started hiking the rate by a quarter percent. When the increases started, a 30-year fixed-rate mortgage had an interest rate of 6.3 percent, but instead of going up it went down to 5.7 percent during the next 4 months.

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Ed Yannett

Ed Yannett

Real Estate Agent at Keller Williams
Ed Yannett has been involved in some facet of the real estate industry for over 20 years. After graduating from Metropolitan State University of Denver where he studied Economics, Finance and Real Estate, he worked as an executive recruiter and began investing in real estate on the side. He launched his full-time real estate career in 2000 after moving to Savannah.

Ed offers you something most realtors can’t. He has firsthand knowledge of all sides of a real estate deal – buying, selling, renovating, investing and financing. So whether you’re looking for the perfect home for yourself or your family, want to sell your property quickly, or are interested in generating investment income, he can provide you the expertise you need. Contact Ed at [email protected]
Ed Yannett