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Where are mortgage rates headed in 2019?

Happy New Year!

I’m sure the first thing you thought of when that ball dropped was “I wonder what mortgage interest rates will do in 2019” right? Probably not, but in our industry it’s the talk of the town.

We have had a very volatile mortgage rate market in 2018 with interest rates rising throughout the year, with a slight downturn starting in mid- November. Rates ended the year approximately ¾ of a point over the same time last year.

You probably have heard that the Federal Reserve changed its plan for the Federal funds rate hikes in 2019 from three to two. The Federal Funds Rate affects short term financing like Home Equity Credit Lines when banks react to the rate hikes by increasing prime rate. As short term rates rise on home equity debt it may be a good time to look at consolidation into one loan.

As of this writing, most housing authorities are predicting 2019 mortgage rates to rise just above 5% and as high as 5.5%. An increase of .50% in rate is approximately 4 Starbucks a week on our average loan amounts.

If you have questions on where interest rates are presently and what factors affect your interest rate, I’m here to help. If you’ve been considering a refinance or purchase and want to lock in rates below 5% now is the time.


Kathy McAlpine contact info

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