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The 2012 calendar year has seen the lowest mortgages rates in a lifetime, as long term interest rates hit their lowest levels ever in fact. And while the Federal Reserve has promised to do their part, to try and keep rates low in the coming year, experts believe that we will actually see a slight increase in interest rates in the 2013 calendar year.
The Mortgage Bankers Association recently released their 2013 mortgage rate forecast and they believe that interest rates will actually move up slightly in ever quarter in 2013, with 30 year fixed rates firmly establishing themselves above 4%. This would certainly be a move up from this year when 30 year fixed rates have firmly entrenched themselves in sub 4% levels for much of the year.
While, perhaps no one can truly know what will happen in 2013, with so many issues to be resolved still on the table, both here in the United States and in Europe. It would not be surprising if we did not stay at the levels we are currently at, because we have hit an all time bottom and there is far more room for interest rates to climb than there is for them to fall at their current levels.
Even if do interest rates rise, there is also not a reason to believe that they will do so dramatically and should remain at attractive levels for quite some time. However, if you have been putting off a refinance or even home purchase, trying to time the bottom for interest rates, we may already be there and things may soon be going back up.
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