Most home sales in Ponte Vedra Beach make use of a conventional or jumbo mortgage. We asked our favorite loan officer for insight into what to expect next year for mortgage rates. Here's what he had to say:
Forecasts for mortgage interest rates for 2019 and beyond are all over the map. Ranging from an expectation of between 5.3% and 6% by year end 2019 all the charts agree on one thing - mortgage rates will continue to rise through the next two years! At this time last year, the professional forecasters were predicting that rates would be between 4.375% and 4.75% by year end 2018; however most lenders actually tipped over the 5% rate this past week for the traditional 30 year mortgage.
So, from a recent historical perspective, rates at year end last year were in the 3.75% to 4% range, the first time 4% was achieved consistently in several years. This year was the first time in many, many years that 5% was reached.
Let’s examine what best case and worst case projected increases for 2019 mean for your potential 30 year mortgage if you wait another year to make a home purchase in Ponte Vedra:
Continue reading Mortgage Rates - What’s in Store for Ponte Vedra Beach Mortgages?.