As 2015 comes to end, it also looks like low interest rates are coming to an end as well. In a recent article published in The Wall Street Journal it gave a summary for why this change will soon occur, it states:
"Federal Reserve Chairwoman Janet Yellen expressed confidence that the U.S. economy is likely to register continued modest growth, falling unemployment and a small pickup in inflation toward the central bank's 2% target, a sign she is ready to raise short-term interest rates later this month barring a surprise in markets or the economy.
The Fed, which will hold a policy meeting Dec. 15-16, has said it would raise rates when it had become reasonably confident inflation will move up toward 2% and when it sees further improvement in the job market. Ms. Yellen warned Wednesday that delaying a rate increase could have adverse consequences for the economy."
We can see that they are more confident in raising rate in the near future. With that being said here are this week's rates:
30-yr Fixed
Conventional: 3.750%* FHA/VA: 3.250%*
15-yr Fixed
Conventional: 3.000%* FHA/VA: 3.125%*
*These are the closest “par” rates for the different types of mortgages. They assume very good credit, sufficient equity, and the absence of other negative risk factors (e.g. property use, cash-out or not, loan amount, etc.). Different specific risk factors will affect interest rates.
