Fixed rate mortgages are on the rise! Over the last couple weeks, the 30 year mortgage rate jumped 40 basis points to a 3.94%, and the 10-year treasury yield jumped 39 points. If rates stick at these levels, expect a final burst of home sales and refinances as 'fence sitters' try to beat further increases and then a slowdown in housing activity.
1% of interest rate increase can mean as much as an 11% DECREASE in purchasing power.
Act now and sell your home before the market slows down, or buy before your approval amount s!