|EXPERTS PREDICT HOME LOAN REFINANCE RATES WILL RISE IN 2014|
|Refi Costs Could Rise Next YearInterest rates and other home loan costs could rise in the year ahead, making it more expensive to refinance your mortgage or purchase a new home in 2014, mortgage market experts say.
Mortgage Bankers Association Chief Economist Jay Brinkmann predicts interest rates will rise above 5 percent in 2014 and to 5.5 percent in 2015.
The monthly payment on a 30-year, $100,000 mortgage is:
If rates do rise, homeowners looking to pull cash from their homes may decide it’s cheaper to use a home equity loan or line of credit rather than refinancing their whole mortgage, Brinkmann said.
Loan Fees Could Go Up
Meanwhile, you could also be paying more for your mortgage next year because mortgage market giants Fannie Mae and Freddie Mac are looking to raise their fees.
Fannie Mae and Freddie Mac loans usually have lower interest rates because the government guarantees the loans. But lenders pay a fee for that guarantee and if Fannie Mae and Freddie Mac raise lender fees, lenders could pass those increases along to homeowners
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