The super-low mortgage rates everyone has enjoyed for more than a year may likely be coming to an end. The Federal Reserve is expected to end their campaign of buying up mortgage-backed securities this week.
The Federal Reserve Bank, last March began a 1 trillion-plus shopping spree to buy up mortgage-backed securities from Fannie Mae and Freddie Mac. This artificial involvement in the mortgage market was the main tool the Fed could use to keep interest rates low. That campaign is scheduled to be wrapped up Wednesday March 31st, the end of the first quarter.
Many experts predict this will cause mortgage rates to spike up. If you have been considering a refinance or purchase it may be best to pull the trigger before rates do go up. It seems inevitable at this point.
Call Today to lock in your low rate! 773-529-7000
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