Shannon Allen Realtor

Real Estate in Norfolk & Virginia Beach VA

Mortgage Rates Expected to Climb in 2015

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Shannon Allen Norfolk VA RealtorIn the last quarter of 2013, all indicators pointed to climbing mortgage rates in 2014. Lawrence Yun, chief economist at the National Association of Realtors, predicted an end-of-year average rate of 5.4%. His forecast is based on the anticipation that the Fed will start to raise rates in 2015; however, we’re in the third quarter of 2014, and rates are actually lower than they were a year ago.

So, why are rates holding and not moving-up? Most believe it’s due to supply and demand. Freddie Mac’s Leonard Kiefer and Frank Nothalf explain, “The Federal Reserve did taper purchases of mortgaged-backed securities through quantitative easing, but the tapering occurred at the same time the volume of new mortgages started to drop, keeping rates stagnate.”

Additionally, Kiefer and Nothaft contribute the decline in mortgages to fewer refinancing and less first-time homebuyers in the market place and predict rates will rise again soon, probably accompanied by rosier job figures and rising inflation.

norfolk va realtors

Shannon Allen, REALTOR

757-647-3126 or 757-587-2800

Judy Boone Realty | 809 E Ocean View Ave | Norfolk VA 23503

Shannon Allen Norfolk VA Realtor

 

Author: Shannon Allen Norfolk VA Realtor

If you’re considering buying or selling real estate along the beautiful Chesapeake Bay in Norfolk VA or Virginia Beach VA, you’ve come to the right place! Shannon Allen has been selling real estate in Norfolk VA since 2004 and is a great resource for both buyers and sellers. Whether you’re moving across town or across the globe, Shannon Allen understands the emotional and financial elements involved with any move, and she makes your purchase or sale both pleasant and worry-free with her professional experience and personal touch. When you buy or sell a home, condominium, townhouse, or investment property in Ocean View, East Ocean View, East Beach, or along the Chesapeake Bay in Norfolk and Virginia Beach VA with Shannon Allen, you get over 9 years of experience and the desire to assist you throughout the entire process. Shannon lives in Harbor Walk on Pretty Lake in East Ocean View, where she enjoys the wonderful amenities and lifestyle found only in Norfolk’s East Ocean View community.

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