Buyers: Act Now! Mortgage Rates Rising!
If you're thinking about buying real estate, now is the time to lock-in your mortgage, select your property and make an offer.
If you wait, your mortgage rate is likely going to be higher.
Rates on 30-year mortgages rose for the fourth consecutive week, and reached their highest level in 10 months. Freddie Mac just reported that 30-year fixed rates averaged 6.53 percent this past week, up from 6.42 percent last week. This is the highest interest rate on this type of mortgage since the rate reached 6.55 percent last August. 15-year fixed rate mortgages, 5-year and 1-year adjustable rate mortgages (ARM's) also rose this past week.
The reasons why these interest rates go up and down are complicated, having to do with economic conditions, labor force and wages, and federal banking policy. Suffice it to say that it appears that mortgage interest rates are going up and may continue to go up over the next month or more. In a recent poll conducted by Bankrate.com, 58 percent of the experts said rates would continue to go up during the next four to six weeks. Only 16 percent of those polled thought rates would go down.
So, if you're a buyer now is the time to lock in your rate and make your purchase. Right now there is a huge selection of homes on the market, sellers are getting desparate to make a sale, and it is absolutely the best buyer's market in years. Act now before those mortgage rates move higher -- and maybe put your house financially out of reach.
For more information about real estate in Tampa Bay, visit my website at www.TheStPeteRealEstateSite.com.
If you wait, your mortgage rate is likely going to be higher.
Rates on 30-year mortgages rose for the fourth consecutive week, and reached their highest level in 10 months. Freddie Mac just reported that 30-year fixed rates averaged 6.53 percent this past week, up from 6.42 percent last week. This is the highest interest rate on this type of mortgage since the rate reached 6.55 percent last August. 15-year fixed rate mortgages, 5-year and 1-year adjustable rate mortgages (ARM's) also rose this past week.
The reasons why these interest rates go up and down are complicated, having to do with economic conditions, labor force and wages, and federal banking policy. Suffice it to say that it appears that mortgage interest rates are going up and may continue to go up over the next month or more. In a recent poll conducted by Bankrate.com, 58 percent of the experts said rates would continue to go up during the next four to six weeks. Only 16 percent of those polled thought rates would go down.
So, if you're a buyer now is the time to lock in your rate and make your purchase. Right now there is a huge selection of homes on the market, sellers are getting desparate to make a sale, and it is absolutely the best buyer's market in years. Act now before those mortgage rates move higher -- and maybe put your house financially out of reach.
For more information about real estate in Tampa Bay, visit my website at www.TheStPeteRealEstateSite.com.
-30-
posted by Terry Ward at 3:13 AM
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