Rates dipped to 4.77% this week after rising over the last two months, but experts polled at BankRate.com expect them to start rising again over the short term.
Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 4.77 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.13 percent from 4.20 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991.
What does this mean for buyers searching for a home now? Lock in your low rate with your lender as soon as possible to take advantage of this rate decrease while you can!