Mortgage interest rates have continued to climb, creating a stir for those buying homes on the Treasure Coast that want to lock in a low rate now.
The 30-year fixed-rate average is now at 4.43% (4.10% this time last year), and the 15-year fixed-rate average rose to 3.9% (3.32% a year ago). The rates are rising while Treasure Coast home values have been remaining on a steady increase.
“The 30-year rate has been on a tear in 2018, climbing 48 basis points since the start of the year and increasing for eight consecutive weeks,” said Len Kiefer, the Deputy Chief Economist at Freddie Mac.
Federal Reserve Chairman Jerome Powell said before Congress this week that the central bank will continue to raise interest rates at a slow and steady pace, with most expecting another increase later this month.
The Chicago Tribune notes that it doesn’t seem that mortgage rate rises will not halt any time soon. The company mentioned that nearly half of all experts surveyed on Bankrate.com say the rise will be coming within the next week.
“Until inflation concerns subside, there will be an upward bias to bond yields and mortgage rates,” said Bankrate.com Chief Financial Analyst Greg McBride.
For more information on interest rates, contact us today at (772)233-9850 and get hooked up with a great local mortgage lender.
The infographic below is a brief view of how the FED’s decision to raise interest rates will affect most people.
Via CNBC: https://www.cnbc.com/2018/02/16/what-you-need-to-know-about-rising-interest-rates.html