Mortgage Monday: Rates Starting To Rise

Mortgage Rates Starting To Rise

If you have been following the news you have been hearing how the economy is starting to strengthen and with a stronger economy comes higher interest rates.

Thirty-year fixed-rate mortgages are at an average of 4.85% this week. The week of January 27th, the rates averaged 4.74%. Even a slight difference in your rate can make a big difference in your payments and the cost of the loan over the years. Mortgage rates are still at historical lows, so now is the time to lock in a great rate for that home purchase.

Demand in the housing market is showing some positive gains. Home sales in December rose to the strongest pace since May and sales of new homes jumped to the highest since April. At the current rate of sales, the expected time on the market fell from 9.5 top 8.1 months for existing homes and fell from 8.4 to 6.9 months for new homes.

It is still a buyers’ market, and with a lot of homes for sale there is a lot to choose from. Get with your lender and real estate agent and find that dream home before rates get much higher.

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