Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

30-Year Mortgage Rate Forecast Tips

Homebuying 3 min read

Ready to talk to an expert?

Find A Location Get In Touch

A great way to lock in the best mortgage interest rate is to shop around. By learning how to read a 30-year mortgage rate forecast, homeowners can pinpoint an ideal loan. Here are some useful tips for understanding mortgage forecasts to take advantage of the current lending climate.

Tips for Analyzing a 30-Year Mortgage Rate Forecast

30-year mortgages offer multiple benefits for home buyers, including lower monthly payments and fixed interest rates. Because it is a long-term investment, it is important to lock in a good rate. Here are some tips for interpreting the current climate of 30-year mortgage rates.

Track Rates Over a Few Months

A mortgage forecast is a collection of data from a period of time, usually a few months or a week. There are often forecasts for the year in January, but because the market is subject to change, it can be difficult to predict the lending climate.

So, in order to find an ideal rate, it is best to track 30-year mortgage rate forecasts over a period of time (a few months) to determine if you should lock in your rate now or wait until later. Your First Bank mortgage advisor can provide informed advice on this issue as well, as they follow the fluctuations of mortgage rates and are trained to predict market behavior.

Know What Affects Interest Rates

There are a few factors that impact the lending climate in the United States:

  • The Federal Reserve (responsible for adjusting the amount of money put into circulation)
  • 10-Year Treasury Yield (the anticipated return on government investment and assets)
  • Housing Market Climate (the supply and demand for financed housing)
  • Lending Market (current credit rating averages and requirements for loans)
  • Inflation (rising inflation correlates with rising mortgage rates)

The combination of these factors changes mortgage rates day-to-day, depending on the economy. In the past few years, for example, economic factors caused mortgage rates to significantly drop. Now that the economy is growing again, interests rates are projected to rise.

Current Forecasts

Currently, 30-year mortgage forecasts are fluctuating between 3% and 5%. 

If you are hoping to buy or refinance a home this year in South Carolina or North Carolina, First Bank can help you lock in a great interest rate. Contact us today for a comprehensive 30 year mortgage rate forecast from one of our banking professionals.

———
Sources:
https://localfirstbank.com/mortgage/loans-programs/conventional-loans/
http://www.freddiemac.com/pmms/pmms30.htm
https://www.washingtonpost.com/business/2020/01/06/experts-predict-what-housing-market-will-bring/

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Where to Get 15-Year Mortgage Rates If you’re ready to buy a home, you’re probably wondering where to get 15-year mortgage rates, or you may just be wondering what a mortgage is. First Bank will go over your options with you and help you determine what type of home loan is best, whether that be a 15-year mortgage, or a 3/3 adjustable rate mortgage. Types of Loans at First Bank Before we tell you how and where to get 15-year mortgage rates, we’ll go over some of First Bank’s mortgage options. We offer: Conventional loans Jumbo loans Government loans VA loans Construction loans Dream It, Own It If you are a first time home buyer, you’re probably looking for a conventional loan. We offer two types of conventional loans: fixed-rate and adjustable-rate. Adjustable-Rate Mortgages vs. Fixed-Rate Mortgages Conventional adjustable-rate mortgages (ARMs) have interest rates that will change periodically depending on shifts in a corresponding financial index that’s associated with the loan. This basically means that your rate will change, causing your monthly payment to increase or decrease. ARMs can be beneficial for some home buyers because they typically have lower initial interest rates than fixed-mortgages, and they provide homeowners flexibility. Conventional fixed-rate mortgages offer a more straightforward approach to home buying. With a fixed-rate mortgage, your monthly interest rate never changes, making it easier for you to set a monthly budget. A lot of people prefer fixed-rate mortgages because they offer protection from rising interest rates for the life of the loan. Secure a Mortgage with First Bank We hope you feel a little more prepared to take on a mortgage and buy the house of your dreams. If you’re ready to apply for a mortgage loan*, visit your local First Bank, or contact our mortgage loan experts. *Loans subject to credit approval. ———— Sources: Investopedia: http://www.investopedia.com/terms/a/arm.asp 2 min read
Construction Loans 101: Adjustable Rates If you’re considering building a home, one of the more pressing concerns is the rate you’ll receive for a construction loan. For residents of the Carolinas, First Bank* has convenient locations to stop by for a discussion about your construction loan options. With our One-Time Close Construction-to-Permanent loan, you have the potential to build the house of your dreams. Construction-to-Permanent Loan First Bank offers a One-Time Close Construction-to-Permanent Loan.** With this loan, the cost of your lot, construction, and permanent mortgage is covered in a single loan. Our construction loan rates vary, but you can choose from a variety of fixed or adjustable rate loan options for your permanent financing. Our One-Time Close Construction-to-Permanent Loan consists of two phases: the construction phase and the permanent phase. During the construction phase, you will only make interest payments. When the construction is complete, the permanent phase modifies the loan into a permanent loan. During the permanent phase, the construction loan will be converted to a permanent loan. Other benefits of First Bank’s One-Time Close Construction-to-Permanent Loan include: No prepayment penalties A single set of closing costs Flexible use to finance a primary residence Ability to purchase your lot Benefits of Building a Home If you are thinking about building a home, consider these benefits: Customization—Building a home gives you the opportunity to make everything look exactly how you want it. Low Maintenance Costs—Because homes are built with all new materials and typically have all new appliances, you will spend less on repairs and updates. Efficiency—As technology improves, new homes are becoming increasingly more energy efficient. When you build a new home, you have the opportunity to include as many green materials as you want. Value—New homes have a longer life expectancy so they typically appraise higher than older homes. Ready to get started? You can begin your mortgage application or visit a First Bank branch to speak with a mortgage loan expert today. *Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Source: http://www.investopedia.com/articles/personal-finance/062614/should-you-buy-or-build-home.asp 2 min read
Compare First Time Mortgage Rates with First Bank When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial aspect. Once you’ve found the perfect house, the first thing you may be wondering is where to get 20-year mortgage rates, or even 30-year mortgage rates. But you may not know that you have other options. First Bank can help you determine what type of mortgage works best for you, and help structure a loan that meets your individual needs. About 20-Year Mortgage Rates Before we tell you where to get 20-year mortgage rates, let us explain what a 20-year mortgage is, and tell you about all of your options. Twenty-year mortgages are typically offered as fixed-rate mortgages, meaning your interest rate—and your total monthly payment of principal and interest—will stay the same for the entire term of the loan. A fixed-rate mortgage offers a predictable monthly payment, making it easier for you to follow your budget. With fixed-rate mortgages, you also have the option to take them out in 15 or 30-year terms. These other two options could work better for you depending on your financial situation. While a 20-year mortgage helps you pay off your home faster and build equity quicker than longer-term fixed-rate mortgages, a 15-year mortgage will help you pay it off even faster, and pay less interest. However, 15-year mortgages have higher payments than other longer-term mortgages. 30-year fixed-rate mortgages allow you to pay off your loan with lower monthly payments, but since the life of the loan is long, you’ll pay more interest and build equity slower than you would with a shorter-term loan. First Bank offers conventional fixed-rate mortgages in 15, 20, and 30-year terms, and we also offer adjustable-rate mortgages. To learn more about our loan options, or if you’re still wondering where to get 20-year mortgage rates, visit your local First Bank branch. Our loan experts will be happy to teach you more about mortgage loans and rates, or help you structure a loan that meets your needs. *Loans subject to credit approval. 2 min read
Essential Homeowner’s Insurance Life has the ability to catch us off-guard with unanticipated and costly expenses, such as house damage from a fallen tree or basement pipes bursting during the winter season. That’s why homeowner’s insurance is essential for anyone interested in purchasing a home. Purchasing a home is a major life event, so you want to make sure your investment is protected and insured. So, how does homeowner’s insurance work? You pay an annual premium and choose a deductible amount to be paid when you file an insurance claim. That premium is generally paid on a monthly basis as a part of your mortgage. If an event that’s covered by your policy damages your home, such as a fallen tree or fire, you should immediately contact your insurance company to file a claim. The company sends an adjuster to assess all of the damage once your claim is filed. Based on his or her notes, your insurance company will offer a sum of money for repairs, then settle the claim. The amount may be negotiable if you feel it’s not substantial enough to cover the cost of repairing or rebuilding your home. Keep in mind, however, that filing more than 2-3 claims, especially for minor losses, can backfire and lead to an increase in your annual premium. What Kind of Coverage Does Homeowner’s Insurance Include? Without home insurance, it’s likely that you wouldn’t be able to afford the cost of home repairs or rebuilding. With the average cost of a claim coming in at approximately $7,500, even filing one claim in the entire span of your insurance policy can make it worth the protection. Here are some common claims homeowners file: Interior damage—Any accidental damage to your house’s interior is covered by home insurance, including water damage, theft, fire, paint peel, and glass breakage. Exterior damage—A large portion of claims are made up of exterior insurance claims, particularly to repair damage resulting from storms. This kind of claim is particularly applicable to homeowners in wooded or coastal areas who have a higher risk of damage from lightning, wind, or falling debris. Total destruction—While this kind of claim is less common than others, it’s the “most common insurance” offered. The average home value 3 min read
First Bank logo
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.