Fixed 30-year mortgage rates in the United States are rising. Since the presidential election in early November, rates have jumped from 3.77% to 4.16%. According to the Mortgage Bankers Association, a steady rate increase is expected looking into the future.
Home buyers are taking notice.
There was a 13% jump in mortgage applications to purchase homes since the week after the election. That was up 11% from a year earlier.
What does this mean for you?
Now is the time to buy. Mortgage rates are as low as they’ll be for some time. Contact me today to talk more about buying a home while rates are still low.
All data courtesy of the Mortgage Bankers Association, www.mba.org to learn more.