Mortgage Interest Rates On The Rise
Jumping 1%, the mortgage interest rates are on the move. The Federal Reserve, ‘during the recession’, had been buying back mortgage securities. They have since decided to cease that process, now that the economy is getting better and believing it will continue to do so.
The average rate on a home had been holding steady early in the year at 3.5% but is now around 4.5%. Home buyers are aware of the spike but are not deterred by it as housing sales are growing.
Comparing to the last 30 years, the rates today are still low and housing
also very affordable. Rates are based on a 30-year loan. 15 year fixed rates also rose this week.
We expect these new mortgage interest rates to continue trending upward.
You know, with an experienced Realtor, the increasing rates will not affect their ability to get your house sold. Banks holding properties know the value of experience, the value of present day market knowledge & the value of integrity. Banks, Investors and Asset companies have been working with Realtors of this caliber for years. Be sure your Realtor meets these standards.