by Connie Eddie | FNB Mortgage
With the start of the new year brings the inevitable question – what will rates look like in this year? Last year’s healthy economy brought back higher rates that we haven’t seen since 2011. According to Freddie Mac, we can expect to see the rates continue to grow due in part the low unemployment percentage as well as the increased consumer spending. What does this mean percentage wise? It’s forecasted that 30 year fixed rate mortgages will increase from 4.6% in 2018 to 5.1% or higher in 2019. (2018 Mortgage interest rate chart from ycharts.com).
Even with the interest rate increases, USA Today predicts that the higher rates will not stop many first time homebuyers from purchasing. Additionally, down payment assistance programs are helping borrowers afford the higher purchase prices in the Middle Tennessee area. One such program currently being offered by First National Bank of Middle Tennessee in partnership with Affordable Housing is the “First Neighborhood Loan Program” which offers eligible borrowers $10,000 to be used towards their down payment and closing costs. If you want more information about this program, other down payment assistance programs, or mortgage financing in general, please call us for more information.
Connie Eddy, Loan Officer | 615.474.0858 | email@example.com | NMLS #657622
Roger Gore, Loan Officer | 615.347.1821 | firstname.lastname@example.org | NMLS #177074