The Cincinnati real estate mortgage rate trends have been fluctuating throughout the economic slowdown and for the most part the trend has been downward. Average yearly mortgage rates have dropped year over year since 2006 (6.41%) through November 2010 (4.30%).
The real question is what will 2011 bring? To date 2010 is averaging 4.69% for the first 11 months of the year but will it stay this low? The main factor is how quickly the economy heats up and how the Federal Reserve reacts to contain inflation. If they raise their interest rate you can bet that mortgage rates will quickly follow. At this point the economy is still volatile and some of our best mortgage information sources are still only making rate predictions in terms of weeks not years. The bottom line is if you are considering a purchase and are waiting for interest rates to be more favorable than now you may loose out!
At The Alison Moss Group, Cincinnati is more than a city to us–it’s our hometown. Since launching in 2008, our clients have depended upon us to lead them through the home buying and selling journey. We are the go-to resource for all of your needs before, during and after the sale of your home.