Are you looking for a home in Huntingtown, Chesapeake Beach, Prince Frederick, Lusby, North Beach or Solomons? You better start your search now because prices are expected to continue increasing as the real estate market begins to catch up from its meteoric rise and tremendous fall over the past decade. Southern Maryland mortgage rates sizzle…just like the temperatures lately.
Southern Maryland Real Estate Market
Just how much do Southern Maryland mortgage rates sizzle? Well, we started off 2013 at 3.4% for a 30 year fixed-rate mortgage (FRM), 2.64% for a 15 year FRM and 2.57 for a 1 year adjustable rate mortgage (ARM). The stayed pretty steady, with slight fluctuations over the first few months. However, the latest national average for these interest rates have just struck their highest levels all year. As of 6/28/13, the 30 year FRM hit an average of 4.46%, the 15 year FRM is at 3.5% and the 1 year ARM is at 2.66%. While the 1 year ARM hasn’t increased much over the past six months (+0.09%), the fixed-rate mortgages have seen a much more significant increase (+1.06% for the 30 year and +0.96% for the 15 year).
The FRM loans are still very affordable options for a new homeowner. Rather than get into an adjustable rate loan that will only increase as rates continue to increase, a fixed-rate mortgage loan will stay the same rate for the entire life of the loan. You don’t have to guess what you payment will be in one, two, five or ten years. It’s always the same. This makes budgeting a lot easier.
While Southern Maryland mortgage rates sizzle, its still a hot time to get into your next home. There is enough inventory for you to find exactly what you want. Yes, rates are beginning to increase. However, real estate experts agree that this is a correction to the volatile market we’ve seen over the past few years…not a bubble waiting to burst. When you’re ready to find your next Southern Maryland home, just give me a call!
Originally posted on my South Maryland real estate blog here: http://activerain.com/blogsview/3775697/southern-maryland-mortgage-rates-sizzle.