What Did Mortgage Rates Do This Week?
Are you in the process of buying a home or plan to buy one soon? Your mortgage payment could be impacted by rising rates.
Per Freddie Mac, one of the nation's largest secondary mortgage buyers, rates bumped slightly upward this week (see chart). While the 30-year mortgage rate is still slightly lower than it was one year ago, it has been slowly rising since the beginning of 2021.
Southern Indiana mortgage expert, Brad Sea with Kentuckiana Mortgage Group told us, "Over the past few weeks, the risk of inflation has driven up rates from their lowest point." Brad added, "Rates are still historically low, but where we are now may be our new normal for awhile."
Super low mortgage rates continue to make home ownership affordable for thousands of homebuyers, but it is worth keeping an eye on how rates move going forward.
If you are considering buying a home now or in the near future, let The 812 Living Group refer you to one of our pre-screened, experienced local lenders who can guide you on which mortgage option is right for you.
*Chart courtesy of Freddie Mac
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