Mortgage rates likely to rise in 2014.

The graph below shows that in mortgage rates are near historic lows but most economists and mortgage professionals agree that 2014 is likely to bring a noticeable increase in rates.
Speaking about interest rates recently at the SFAR member appreciation day, Leslie Appleton-Young, C.A.R.’s V. P. and Senior Economist believes that we are poised to see interest rates rise to the mid-5% range over the next 12 months.

Whether its a jump to 5.2 or 5.6%, such a rise would no doubt have impact on what buyers can afford. In this context, buyers should consider completing a purchase before the rate increases take effect.

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