The Federal Reserve raised short term interest rates in December of 2015. This was the first time those rates were raised since the recession!
How will that affect home loans? Adjustable mortgages are more likely to be affected by this raise than 30-year mortgage rates. Those are not set by the Federal Reserve and are more affected by the 10-year Treasury Bond and inflation. That being said, it seems impossible that 30-year mortgage rates won’t increase in the next year but unlikely by leaps and bounds.
Do you know someone thinking of buying this year? Sooner than later may be better based on rates, but I'm here to talk to them to answer questions or start the process. Let me know if you have someone in mind. Taking care of your loved ones and those you care about is top of mind for me.