Interest Rates Continue Trend
Interest rates were at record lows in the 4% range around this time last year, and have continued to adjust down surprising many experts in the industry. The lending giant Freddie Mac reported average interest rates for 30 year mortgages at 3.31% and 15 year at 2.63% in mid November this year. Most agree on one thing; it’s difficult to say where rates will go from here. Looking back it’s clear rates have been on a downward slide for the last 30 years. But how low can they possibly continue?
The most recent decrement in rates may be credited to a number of contributors including the conclusion of the presidential election, the aftermath of Hurricane Sandy and the shift from stocks to treasury bonds from a large number of investors. Recent reports have said rates should remain low for the next couple years, but it’s hard not to speculate they may begin rising sooner than later.
Keep in mind that an interest rate and APR are two different figures. If you have any questions about loans or the buying process, let us know! Also, we will be happy to refer you to a few top lenders in Portland!