Another year has ended, and 2013 have been bumpy year in mortgage. With mortgage rates as a big factor in the housing industry, it may be wise to have a quick review of where it was before and how it trended since it was first tracked until the end of last year – a noticeable downward trend in the rates of mortgage, and in fact its lowest level in many years which was in 2010.
Below is a simple infographic presentation of Zillow on the history of mortgage rates.
If you are currently paying your mortgage, this might be a good time to consider refinancing – as advised by Zillow. And on the other hand, for those who are planning to own a home, lower rates as of the moment may be a good time to take advantage of getting a mortgage with lower rates that suits your capabilities to own a home.
But before getting a mortgage, make sure that you have a well-built and good credit score. Here’s a good way to start building your credit score if you’re planning to apply for a mortgage.