After weeks of falling, the mortgage rates have recently rose to their highest point in six weeks. Previously pressing to set record-lows, the current mortgage rates for a 30-year mortgage are averaging 3.51 percent. The average 15-year rate also increased to 2.69 percent.
Earlier this month, the 15-year rate set a record-low at 2.56 percent. Last November saw the lowest rate for a 30-year mortgage with an average of 3.31 percent. Most recently, we saw 3.35 percent.
With the rates steadily climbing again, we tend to encourage borrowers to lock in these somewhat low rates while they can. There is no guarantee that they will drop again since the housing market is recovering and home prices are increasing. There is an increased demand for homes due to a tight inventory. The whole market seems to be growing more and more competitive. Home buying season has been strong and moderately priced homes are selling fast!
California currently holds 8 out of 10 spots on the list of markets with the largest increase in median list price throughout the country. This means that these markets were hit the hardest by the crisis and are in turn rebounding the highest now that the housing recovering is gaining momentum.
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Thursday, May 16, 2013
Rates Rising: Lock It In While You Can!
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