Mortgage Rates Are On The Rise!

  Rates for 30-year fixed mortgages rose to 4.39 percent this past week from 4.17 percent a week earlier, and average interest on 15-year loans moved to 3.76 ...

Mortgage Rates Are On The Rise! Close
Page Summary

Mortgage Rates Are On The Rise!

Posted by Gary Ashton: RE/MAX ADMIN on Monday, November 22nd, 2010 at 3:33pm.

 

Rates for 30-year fixed mortgages rose to 4.39 percent this past week from 4.17 percent a week earlier, and average interest on 15-year loans moved to 3.76 percent from 3.57 percent, said Freddie Mac.

Interest for five-year adjustable-rate mortgages jumped to 3.4 percent from 3.25 percent, meanwhile, and one-year ARMs held at 3.26 percent.

Rates have climbed along with long-term Treasury yields as traders unloaded Treasuries purchased before the Federal Reserve announced a $600 billion bond purchase program.

[SOURCES: Freddie Mac; Information, Inc.]

In other words.....now is the time to seriously look at buying before the rates start to go up and impact the amount that yon can finance. It will effectively bring down the maximum price of home that you can look at as your mortgage payment will be more for the same home.

If you want to get the best deal on the purchase of a new home in Nashville then now is the time to pull the trigger.

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!

Google

1 Response to "Mortgage Rates Are On The Rise!"

Craig Grella wrote: It's pretty tough for rates to go much lower than they are now.

The only barrier to getting these loans are tougher underwriting standards, which aren't likely to change any time soon either. The easy credit of the past few years will not likely return for some time.

Alternative financing, though not at the same rates posted here, has been helping a lot of buyers take down additional properties.

This will help keep velocity up and clear the glut of supply, which in turn will help to raise property values in the long run.

Posted on Saturday, December 4th, 2010 at 12:09pm.

Leave a Comment