Financing in Akron>Question Details

Micah Riley…, Real Estate Pro in Stow, OH

Does anyone have any opinions on what interest rates will do in the next 6 months? I'm interested to hear everyone's opinion.

Asked by Micah Riley 330.338.5130, Stow, OH Fri Sep 6, 2013

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Thomas McCombs’ answer
Interest rates will trend upward at a fairly slow rate, and will end up this year at 5.01445 %. Unless of course something happens to change this. And I have factored in a + or - 1% margin of error!
And of course the interest rate on a conventional first mortgage will be somewhat different than the rate on an FHA loan, and different than it would be on a car loan, and different that it will be for someone with a credit score of less than 760, different for an investor, different for a 2nd home, different for a home equity loan, different for a line of credit, different for a 2nd mortgage, etc.
The prime rate depends on who your bank is, the Federal Funds rate is unpredicatable, and the LIBOR is anyone's guess!
Does that answer your question?
Your loan officer will have the latest guess as provided by her lender, and that is probably as good a source for info as any. If anyone knew for sure what the interest rate would be in the future, he or she could make huge amounts of money by playing the market.
(Humor was intended here, in case you thought I was being serious)
0 votes Thank Flag Link Sat Sep 7, 2013
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All the signs indicating interest rates are going up, base on continuing strength in the housing market and the economy. I see the 30 years interest rate for the next 6 months to be slightly over 5% which is still very low.
0 votes Thank Flag Link Fri Sep 6, 2013
Micah, No one has a crystal ball but everyone wishes they did. Anyone looking to buy a home should direct more of there attention to finding the right home for their family. Interest rates will always be changing and a little variance here or there is not as important as finding the right home.

I took the liberty of providing a link to a mortgage calculator that I share with borrowers.
0 votes Thank Flag Link Fri Sep 6, 2013
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