Despite the fact that rates seem to be going up every time the Federal Reserve meets (they have raised rates 11 times since June of 2004 and have indicated that it’s going to happen again by the end of the year), it’s still a great time (historically speaking, anyway) to be taking the mortgage plunge.
Right now, the average rate for a 30 year fixed mortgage is just over 6%. The Mortgage Bankers Association’s recent long term forecast predicted that it’s going to go from it’s current 6.10% to 6.65% in the fourth quarter of 2006 and up to 6.75% the fourth quarter of 2007. Sounds ominous, right?
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