To paraphrase a famous philosopher, those who do not learn from the past are sure to repeat it. While we can't actually tell the future, when we take a look at what happened in the housing market over the course of the past year, it can help us predict what this year might hold.
It's pretty safe to bet that mortgage interest rates will continue to rise. Most experts, such as Freddie Mac, Realtor.com®, and Zillow®, agree that we can expect rates to move higher over the next year.
When rates go up, you have to do one of two things to keep your monthly mortgage payments affordable:
Rates may still be at historic lows — but why wait until they've climbed higher? By making your commitment to become a homeowner now, you could end up saving yourself hundreds or even thousands of dollars over the life of your loan.