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2016 Promises Good Real Estate Market

As we are preparing for the new year many have predicted a good market for Real Estate in 2016.  Despite the recent increase made by the Federal Reserve, this great article shared by has a good perspective of the changes.

Mortgage rates were little changed this week, and Freddie Mac doesn’t see rates rising much next year despite the Federal Reserve’s decision to raise its benchmark rate.

The company’s weekly rate report says a 30-year fixed-rate mortgage averaged 3.97 percent in the week ending Dec. 17, up from 3.95 percent last week. A year ago, 30-year rates averaged 3.80 percent.

On Wednesday, the Federal Reserve raised its benchmark interest rate a quarter of a percent, the first time in seven years that rate has increased.

A 15-year fix averaged 3.22 percent this week, up from 3.19 percent last week. A one-year adjustable-rate mortgage averaged 2.67 percent, up from 2.64 percent.

Freddie Mac expects home sales to remain strong in 2016, though it says refinance activity will slow.

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