Mortgages rates could edge up
You may have heard this before, but this year may really be the year when mortgage rates rise.
The 30-year fixed rate is expected to edge up slightly to about 4 percent in the second quarter of the year, according to the latest forecast by the Mortgage Bankers Association, or MBA. The rate will reach 4.6 percent by year-end, according to the forecast.
That's not a huge jump, but rates could increase quickly, depending on how investors react to the Federal Reserve's move if the central bank raises the federal funds rate this year.
"We may have some sort of shock to rates," says Brian Koss, executive vice president of Mortgage Network in Danvers, Massachusetts.