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.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!