The average rate on a 30-year fixed mortgage rose to a 2 year high this week, to 4.51 %. Rates have been rising steadily this year. Two months ago, the rate was 3.35% and 4.25% just last week. The average 15-year fixed mortgage rose from 3.39% last week to 3.53% this week – the highest since August 2011.
Even though they’re rising, we still have historically low rates. Low rates have helped the housing market recover, which in turn is helping economic growth overall. There is a greater demand for homes, with less inventory available to buyers, which has driven up the prices of homes. It’s also led to more Preconstruction projects being sold rather quickly.
Now is definitely the time to buy, and we can help. Give us a call today to see what we can do for you.
