Rates for mortgages are in a constant state of flux, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just make sure you shop around first.
June 2019 mortgage rates forecast (FHA, VA, USDA, Conventional)
It’s hard not to be excited about mortgage rates. Rates are near 14-month lows according to mortgage agency Freddie Mac. Plus, this agency just cut its mortgage rate forecast for 2019 by nearly 1%, citing a much more rate-friendly environment. Home buyers and refinance candidates are happily accepting mortgages in the low 4s when housing agencies predicted rates near 5% by now. If you’ve been sitting out of the market, it could be time to jump back in.
Will rates continue to drop?It’s a possibility. However, according to Freddie Mac, rates are already near 14-month lows as of the time of this writing. Lower rates are becoming less likely. There’s a greater chance that rates will rise again soon
30-year fixed mortgagesThe average 30-year fixed-mortgage rate is 3.95 percent, a decrease of 4 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.04 percent. At the current average rate, you’ll pay a combined $474.54 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $2.30 lower.
These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages – which combined with new homebuyer activity – will help sustain the momentum in the housing market in 2019.