The November 2016 Mortgage Bankers Association rate forecast for the 30 year fixed rate mortgage is showing a slight upward push in the average mortgage rates for first quarter of 2017 otherwise the rates remain unchanged from past month’s forecast. The resulting effect to the annual average rates is a corresponding upward push by a mere tenth of a point for 2016. Otherwise, looking more long term at the annual average rate, the rates remain unchanged until we reach 2019 which takes a slight downward tick also by one tenth of a point.
Overall this forecast supports that the 30-year fixed rate mortgages shall meandering upwards at a slow rate while the out year rate forecast is more aggressive. Given the small rate of increase in the average mortgage rates, the rates will remain at historically low levels for the near term which is expected to have a minimal impact on the real estate market particularly with the nation wide housing shortage that we are experiencing. We can expect fluctuations in the rate as they will not remain stagnant but will slightly deviate around the quarterly average.
As such, if you are looking to sell, you can benefit from stable prices and strong demand:
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And if you are buying, you can benefit from historically low mortgage rates:
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So what do these rates mean if you are seeking a Veteran’s Assistance or VA home loan? The rates one actually qualifies is based on several factors including the loan program, credit score and credit worthiness. The forecasted rates are only intended to provide you with insight into what the market considers as the overall average rate for the given period. You must check with your financial institution to find out what rate you qualify and in some cases that rate may be lower than what you see forecasted by Mortgage Bankers Association. VA home loan is a home loan guaranty program offered to Veterans, military service members and eligible surviving spouses.
CLICK HERE for more information on VA Home Loans.