Frisco, TX -- (SBWIRE) -- 02/18/2014 -- Bloskas Realty Group is not shaken with the threats of higher home mortgages in 2014. It was reported that the home loans will most likely increase more by the end of the year.
As reported by Interest.com, the reason for the possible higher rate is due to the 30-year fixed rate mortgage which is the most popular way to gain home loans at a rate of 4.63 percent. The percentage did go down at a rate of 3.52 percent last spring of 2013.
The reason behind the probable increase rate is the rebound of the economy. With that, the Federal Reserve took an action to eradicate the promotion of the home loans that offer long-term interest rates.
A senior economist at Moody’s Analytics, Ryan Sweet, said, "We expect 2014 to end with the 30-year fixed mortgage rate at around 5.5% or just a hair below.”
National Average Mortgage Rates
Type of loan Current Average Record-low average Established
30-year fixed rate 4.64% 3.50% Dec. 5, 2012
15-year fixed rate 3.69% 2.75% May 1, 2013
30-year fixed jumbo 4.73% 3.93% May 1, 2013
5/1 ARM 3.46% 2.63% May 1, 2013
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