Over the past week the average rate on a 30-year fixed mortgage jumped from about 5% to 5.3%. Interest rates are on the rise and many buyers are starting to realize now really is a GREAT time to buy. The famous saying “You don’t know what you have until it’s gone” is now more true than ever. The government has ended the push to make mortgages cheaper. Buyers are starting to panic that if they wait much longer they will be priced out of the market. According to MSN Money, the rule of thumb is for every 1 percentage-point increases in interest rates reduces a buyer’s purchasing power by 10%. If you are considering buying a home, now truly is the time. Give me a call; I would be honored to help you find your dream home.
Mortgage Rates are on the Rise
April 15, 2010 by Leave a Comment