The Mortgage Bankers Associated has updated their report since the last month’s forecast report. The report now includes the quarterly average mortgage rate forecast through 2016. The good news is that the annual average rate forecast for the 30 year fixed rate mortgage has remained unchanged from last month and looking ahead into 2016 the rate forecast continues its upward trend. Overall for 2014, the forecasted average mortgage rate remains at 4.3 percent which is the same average as the last quarter of 2014. If this forecast holds true we should expect to see much change in the 30 year fixed rate mortgage for the remainder of 2014.
On a separate note and in light of Veteran’s Day, we would like to point out the VA home loans is a home loan guaranty benefit provided by private lenders and available to Veterans, military service members and eligible surviving spouses.
CLICK HERE for more information on VA Home Loans.