Rate Alert: Mortgage Rates On The Rise Due To Uncertainty
There are lots of moving parts creating uncertainty around interest rates right now. We could bore you with explanations of inflation fears, fed tapering, and the impact of pending trillion dollar infrastructure spending bills, but we suspect we would lose your attention before we got to the punchline.
So we'll skip ahead and later in this post we will point you to a resource if you want more of an explanation.
But for now we want to alert you to the current changes in mortgage rates over the last couple of weeks. Mortgage rates have ticked up 10 out of the last 11 days. The change has been small, going from an average rate of 2.875 to 3.125 for a 30-year fixed mortgage, but it's enough of a change to start making a difference especially for those staring down a rate lock expiration.
Listen to our interview with local mortgage expert Brad Sea for more details and what you can do if you are in the market for a mortgage.
If you want to learn more about what is impacting mortgage rates, check out this helpful article from The Mortgage Reports website: https://themortgagereports.com/85944/mortgage-and-refinance-rates-today-october-14-2021
As always, if you have questions about mortgage rates or anything real estate related, message us at 812Living@gmail.com and we will be happy to help and/or point you in the direction of one of our experts.
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