National housing prices just posted their best year end performance since 2006. According to the Standard and Poors/Case-Shiller Home Price Indices, national home prices rose by 10.2% over the 12 months that ended with the first quarter of 2013. That is their best performance since the housing boom. In addition to an increase in housing prices, mortgage rates have also been on the rise.
According to Freddie Mac, current mortgage rates are at 3.81%, nearly half of a percentage point above their low point for 2013. If the economy and the housing market continue to improve, mortgage rates are expected to climb even further.
Three reasons why mortgage rates may follow housing prices upward:
1. Stronger housing and economic growth may bring greater loan demand.
2. The Federal Reserve may ease its low-interest-rate policies in response to a strengthening economy.
3. Spending growth may bring a little inflation.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, www.miamibankruptcy.com.