Mortgage rates are currently sitting at their highest level in two years, with 30-year fixed-rate mortgages averaging 4.32 percent and 15-year mortgages averaging 3.55 percent.
Rising mortgage rates continue to be a concern when it comes to home sales and affordability; however, rising rates tend to indicate a strong economy – and strong economies are good for housing.
Rest assured, interest rates are still historically low. Compare them to 6.14 percent for a 30-year mortgage in December 2006.
Consumers looking to buy should consider taking the leap as there is still plenty of room for rates to rise.
I recommend talking with a mortgage lender in your area about what you can expect in the coming months and how it will affect what you can afford in a home. Then, give me a call so I can help you find the home your budget can afford at today’s rates.
I have more than 21 years of experience in residential and commercial real estate, real estate investment, development and property management, and have assisted clients in more than 400 real estate transactions, from helping a first-time home buyer get into their first home to advising a senior selling their last one.