2014 finished with 30 year fixed rate mortgages at 3.87% as per Freddie Mac. These numbers are very close to historic lows in the spring of 2013.
However, the Mortgage Bankers Association projects rates to be around 5% at the end of 2015. The website Investopedia has the same projections and gives some thought to the 5% rate:
“Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015. If they do jump to the 5% range it will be a modest hike when compared to historical averages. Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them. Rates averaged 6% in the years leading up to the recession.”
These are the latest 2015 mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors:
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