November 12th, 2015 
It looks like our predictions about mortgage rates are coming true, unfortunately.
The rate for a 30-year mortgage is at 4 percent today. It sat at 3.8 percent just two weeks ago.
Months back, we predicted these too-good-to-be-true rates would eventually rise. It appears they are.
But what does this mean for the housing market? Answer: not much at the moment.
The total volume of mortgage applications fell 0.8 percent last week from the previous week on a seasonally adjusted basis, according to reports from the Mortgage Bankers Association. this isn’t a significant drop, but still something to keep an eye on.
Another thing to keep in mind is where the 30-year mortgage rates were last year. In Nov. 2014, 30-year fixed mortgage rates hovered at 4.02 percent. So, currently, we’re just seeing a rather static rate.
However, this could all change.
We’re predicting it will, but gradually. We expect the rate to slowly rise through winter, and so does the majority of consumers out there.
According to Fannie Mae’s National Housing Survey, 51% of those questioned believe mortgage rates are on their way up, and 44% think rates will remain mostly the same.
At this point, it’s still a bit early. Time will tell.
Stay tuned to Boggs & Associates, Inc. blog to remain informed about the national and local housing market.
