Interest Rates: Not as discouraging as you might think

Mortgage rates. Just the sound of the two words put together sort of makes some of us get a little nervous, anxious, or intimidated. Possibly you've already heard gloomy 2017 projected reports, but don't worry or feel alarmed.

Interest rates are constantly changing, dynamic numbers that most of us don't understand. They are altered by presidential elections, employment and labor markets, energy prices, tax cuts and other political policies, and much more. But here is the simple version of what you need to know in one sentence:

Interest rates are going to go up as this year progresses. 

As of today, the folks at Bankrate tell us a 30 year fixed mortgage rate in Utah is 4.03%. By the end of 2017 Kiplinger expects the average to be in the 4.6% range. Today a 15 year fixed mortgage rate is 3.16% and Kiplinger expects it to raise to 3.8%.

See, that was easy. No big deal. There has been a big hype in the media about soaring interest rates this year as the Federal Reserve board members predicted rates to dramatically increase this year. But they have recently realized that we really won't see much of a hike in 2017, just a gradual increase.

What does this mean for you and your neighbors? It's a great time to buy a home or refinance to take advantage of the current rates. It's wonderful news.

Brought to you by Heath Harvey @ HeathsHomes.com