Wednesday, October 30, 2013

Mortgage Rates Remain Low

Mortgage rates continued keeping their holding pattern just over 4 percent as mortgages applications rise. Lower rates lure home buyers over the past four days as mortgage rates were at their lowest in four months, and they're expected to remain in the low to mid-4 percent range until the economy improves.

Still the Mortgage Bankers Assn. said Tuesday that it expects mortgage rates to rise above 5% within the next 12 months or so. As speculators see it at this level home refinancing is said to plunge in 2014.

Should homeowners secure today's lower rates and beat the projected hike? Lower rates allow homeowners to refinance, which increases their disposable income and helps stimulate economic growth.

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