Freddie Mac reports show that mortgage rates remain near historic lows as the year comes to an end, leaving many wondering if 2012 will bring lower rates.
The New York Times reports that the Federal Reserve has committed to keeping long-term rates low throughout the next year.
According to the source, experts still advise potential homeowners to take advantage of the low interest rates sooner than later and to begin the process of buying now. One important first step for buyers is to find out how much money they can afford to borrow and then order copies of credit scores and begin to improve scores as much as possible.
By determining the total cost of a down payment and other out-of-pocket expenses, the source says homeowners can best budget for the future purchase. The Times advises that estimating closing costs may prove to be more difficult as they typically include real estate taxes and other fees.
Potential homebuyers should continue to watch interest rates throughout the new year to be sure to get the best deal possible, as some sources believe rates could increase up to 5 percent.