Mortgage rate forecast to rise to 5.1% in 2014

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This time last year, when the 30-year mortgage rate was under 3.5%, the Mortgage Bankers Association forecast that it would rise to 4.5% by the end of 2013. That is very close to current mortgage rates so with that track record their forecast for 2014 bears noting.

MBA is forecasting a rise to 5.1% by the end of 2014 and a further rise to 5.3% by the end of 2015.

Source: Mortgage Bankers Association

Source: Mortgage Bankers Association

 

Here is the forecast in a little more detail:
Mortgage Finance forecast

If you are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.

Andrew Oliver is a Realtor with Harborside Realty in Marblehead.