David CooperÂ http://www.lasvegaswinner.orgÂ 702.499.7037 Rates are now up almost a quarter-point from the mid-November record low of 3.31 percent, but looking into the numbers, itâ€™s clear that I shouldnâ€™t be worried. Mortgage rates will be going up over the next two yearsâ€”but not too fast, according to theÂ most recent forecastÂ by the Mortgage Bankers Association.
Â Â The MBA expects rates to hit 4 percent in the second quarter and 4.4 percent by the end of the year. By the end of 2014, the trade group predicts rates will scooch up a bit more, to 4.6 percent. Having rates rise more than a full percentage point does start adding up to real money in a household budget.Â
Â Â Â An extra percentage point on a 30-year, $300,000 loan adds about $3,000 a year in payments.