2011 saw record low mortgage interest rates, but will they last?
According to Freddie Mac, interest rates on 30-year mortgages will begin to inch up but stay considerably low (4.5% in 2012 and 5.4% in 2013). The Federal Reserve also promises to keep rates low this year.
If you didn't take advantage fo the historically low interest rates of 2011 don't fret over the slight rate increases that will occur in 2012. You will still be getting a considerably low interest rate this year compared to the interest rates from the past. For example, in 1981 and 1982 the rates for a 30-year mortgage were at 16 percent! In 2000, rates lingered near 8 percent.
Check out the full Los Angeles Times article.
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