Back Above 3% this week, after spending nearly four months below 3%.
Economists expect mortgage rates to continue to increase modestly over the next few months.
30-year fixed-rate mortgages: averaged 3.01%, up from a 2.88% average last week. A year ago, 30-year rates averaged 2.88%.
15-year fixed-rate mortgages: averaged 2.28%, increasing from last week's 2.15% average. A year ago, 15-year rates averaged 2.36%.
Still incredibly low rates, which still present buyers with an incredible opportunity, while it lasts.
If both home values and mortgage rates rise, like predicted, for the same property, your monthly mortgage payments will be significantly higher if you wait until next year to purchase.
Take advantage of the lower rates, and the equity you will build up over the next calendar year.
Thinking of selling your home
It is still very much a sellers market with under 3 months of inventory. Chances are you will have more offers to pick from and close faster due to the lack of competition. Don't miss out on this unique opportunity.
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