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Mortgage rates are on the rise!

Could this be true?  Are mortgage rates on the rise after years of historically low rates on home loans?  According to the chief economist for the National Association of Realtors, Lawrence Yun, they are most definitely going to rise.  It is time and there will be a slight increase.  BUT, an increase enough to possibly edge out some would-be buyers, especially in the millennial age group.  Since it is taking millennials longer to save and the price of rent steadily increasing, it is taking longer to come up with the necessary funds to make it economically feasible to buy.  Yun from the NAR shows a forecast of an average 30-year mortgage to increase around 4.4%.  That is up .8% from the year before and .5% the year before that and could very well be the tipping point for many would-be buyers.  Not so fast, says many experts.  This will all depend on many things and believe it or not, the new presidential administration has a lot to do with it.  Since the new President Trump ran on cutting regulations, this cutting could include the Dodd-Frank rule and open up a new class and segment of buyers.  There is a lot to consider for the year 2017 but we are excited nonetheless vogzt2d.  What we do know for sure is there has been a slight increase in the rate and we look forward to the future of our economy and the real estate market specifically.