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Interest Rates
In recent years, interest rates have experienced record lows, and consumers have been more ready to make major purchases and borrow money to pay for new homes and other big items. With most mortgages you even have the option of locking in an interest rate for several years, so even if it climbs higher, you still pay the lower interest rate.
Interest rates are influenced by a number of factors, including what happens to rates in neighboring countries, relative inflation rates, and the condition of the local economy. An improving and growing economy will usually mean that interest rates are going to rise.
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