The lowest mortgage rates in history are for now, a thing of the past. Rates rose sharply last week for the second week in a row.
Freddie Mac’s nationwide interest rate survey indicates that 30-year fixed rates are up from 4.17% to 4.39% during the week of November 18th. Rates are now perched at the highest point since early August. Fifteen year mortgage rates increased from 3.57% to 3.76%, leaving many prospective homebuyers on the sidelines and wondering what’s next.
Bank Rate’s report confirmed the two-week up trend. Their study computed the average rates from Top 10 banks and thrifts in Top 10 US markets. They found that the average 30 year fixed rate mortgage is at 4.62% versus the previous week’s rate of 4.46%. Fifteen year mortgage rates increased from 3.84% to 4.02% .
Neighborhood Listing Brokers should stay vigilant. Now more than ever, it’s important to monitor the inventory and competition in your area. It’s also important to keep prospective purchasers aware that time is of the essence where affordability is concerned. Buyers could soon find themselves bounced into a different price range due to higher interest rates.