It's pretty much a foregone conclusion that Columbia SC mortgage rates have already hit their all-time low when the benchmark 30-year fixed rate was 3.31 percent in November 2012.

Columbia SC home buyers won't see that level again. But the point the folks at Freddie Mac are making is this: Columbia SC mortgage rates right now remain historically low. Remember the 1980s and 18 percent?

Columbia SC mortgage rates have remained right at or below 4.5 percent for weeks now.

Columbia SC Mortgage Rates in Comparison

One thing seems certain: we aren't likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012.

Had a borrower purchased a home a year ago, he or she would be paying about $90 less in interest a month, or about  $1,080 a year.

But Freddie Mac takes the long view for a better perspective.

During the 1970s, the average 30-year rate was 8.86 percent. That average surged to 12.7 percent in the gloomy real estate days of the 1980s.

The all-time record high occurred in October of 1981, hitting 18.63%. That's more than four times higher than today's average 30-year fixed rate of 4.51% as of last week.

So as you can see, Columbia SC mortgage rates today still make now one of the best times to buy a home in the last 40+ years.

Check out our other articles and news affecting Columbia SC mortgage rates by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.

Columbia SC mortgage rates will go up in 2014. At least that's what just about every housing and mortgage analyst has been saying for several months now, and is still saying.

The Fed announced recently that it would extend the so-called taper and cut its bond-buying by another $10 billion, to $65 billion.

And yet for the past month, Columbia SC mortgage rates have not really moved. If anything, they've moved slightly lower from their year-end level and now hover just above 4.50 percent for the 30-year fixed. That has some scratching their heads about where rates will move as we head into the usually busy spring housing market.

Why Columbia SC Mortgage Rates Are Holding Steady

The reason: As the stock market falls, investors head to the safety of quality assets such as bonds. Recent economic turmoil overseas has added to that movement and, consequently, to a rebound in Treasury-buying, which depresses yields. Columbia SC mortgage rates generally follow the 10-year yield.

So will Columbia SC mortgage rates really rise in 2014? Probably, but not entirely because of the Fed's moves or more mortgage regulation. Despite a new regime at the Fed, policy will still depend largely on the employment picture.

"What Janet Yellen will do in March will depend on a few more jobs numbers and a clearer view of how markets deal with the current reality of less QE [quantitative easing]," according to Peter Boockvar, an analyst with the Lindsey Group.

Columbia SC mortgage rates will rise because interest rates always increase with an improving economy and a strong stock market, which appears to be the current trajectory, though they likely will rise more slowly than some have predicted.

For more on Columbia SC mortgage rates and the news that affects those rates, visit our Columbia SC Mortgage Info section of articles under Columbia SC Real Estate Categories to your right.

Getting a Columbia SC mortgage is going to cost more throughout 2014, mainly because it's hard to imagine they could have cost any less last year.

Columbia SC mortgage rates hit what is now known as an historic floor in 2012, with rates back then bottoming out at around 3.38 percent. Rates remained in the 3's through the first half of 2013 before rising above 4 percent in June, and it doesn't look like they're going to be going back anytime soon, if ever.

The Mortgage Bankers Association is expecting Columbia SC mortgage rates to increase above 5 percent in 2014, and then increase to 5.5 percent by the end of 2015.

Will Columbia SC Mortgage Rates Impact Home Sales?

It's no shock to anyone that Columbia SC mortgage rates are going up. The questions going forward will be how the higher rates will impact home sales and whether lenders can make enough from purchase loans to offset the drop in refinance activity. Rising home values should help keep refis from rolling completely off the table, but it doesn't look good for those in the mortgage industry.

Mortgage applications increased slightly last week from the previous week, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week.

The refinance index increased 11% from the prior week. The seasonally adjusted purchase index increased 12% from a week ago, but is at a level similar to what was observed in mid-November 2013.

Columbia SC Mortgage Rates Getting Buyers Off the Fence?

Many real estate professionals believe the rise in Columbia SC mortgage rates may boost home sales.

It will get people sitting on the fence to decide, "We better do something or it’s going to cost us money." Most people realize the [3 percent-range interest rates] are gone, and they'd better be happy to get 4.5 percent now.

Time will tell. But stick with us here and we'll keep you updated on Columbia SC mortgage rates. We post periodic updates about Columbia SC mortgage rates and the news that affects those rates at our Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.

Columbia SC mortgage rates are declining after the recent announcement by the Federal Reserve that they were not going to start to reduce their Bond buying program. Instead they left their easing program intact for the time being and will continue to buy 85 Billion dollars' worth of Mortgage backed and Treasury Bonds per month.

The slowing pace of economic growth, along with recent lackluster labor and housing market conditions, has clearly spooked the Fed into remaining accommodative.

All told, it appears that any tapering is now more likely to begin sometime next year.

To stay on top of Columbia SC mortgage rates, check out our other articles and tips by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.

The question on everyone's mind who has even been remotely thinking about buying a home is, "are Columbia SC mortgage rates still headed higher?"

All indications are, not for the time being.

When the Federal Reserve surprised everyone when it announced it would not start tapering its purchase of mortgage-backed securities and Treasure bonds, it basically said to prospective buyers who have been shying away from buying a home, to start shopping again.

What Increased Columbia SC Mortgage Rates Have Meant

Columbia SC mortgage rates have risen significantly amid concerns that the Fed would cut back on its $85 billion a month bond-buying program. Rates on a 30-year fixed mortgage have been hovering around 4.5%, up from 3.35% in early May. That rate increase has meant an extra $132 a month in payments for a Columbia SC area homebuyer with a $200,000 30-year loan.

But now that the Fed has said it will continue to purchase the bonds, rates will likely retrace some of those gains and we expect to see some drops in the coming weeks. We don't expect anything drastic, just a slight decline in the next few weeks.

The day after the Fed announcement, 30-year Columbia SC mortgage rates fell from around 4.57 percent to 4.5 percent.

Freddie Mac's chief economist, Frank Nothaft, said rates were reacting to the same economic trends that influenced the Fed's decision. Among them: slowing growth in retail sales and industrial production and the lowest reading in consumer sentiment since April. He also noted tighter financial conditions, including the sharp increase in Columbia SC mortgage rates in recent months.

Should the economy gain more momentum, however, fears that the Fed will taper off its bond purchases will most certainly resurface and rates will move higher again.

Despite recent increases, Columbia SC mortgage rates are still low by historical standards. During the housing boom years, they typically ranged between 6% and 7%. Higher rates should also prompt some banks to ease up on their lending standards, helping more people to buy homes.

It is believed that rates will be slightly higher in 2014, but not enough to derail the housing market recovery.