A Time to Buy - A Time to Sell by Diana Walton is a comprehensive dialogue designed to keep you informed with up to the minute market data to help you make the best decision regarding your real estate goals, buying or selling.
Hi, Good morning everyone, this is Diana with a quick look at what's going on with mortgage rates. Rates continued to rise in the past week as Freddie Mac announced that 30-year fixed rates rose to 4.58% from 4.47% the week before. A year ago, 30-year fixed rates averaged 4.03%. Attributed to Sam Khater, Chief Economist, Freddie Mac -- “Rates on home loans are now at their highest level since the week of August 22, 2013.
Despite the increase in borrowing costs, demand for home purchase credit remains solid. If you are thinking of buying a home, waiting may not be the way to go. If you decide to wait for rates to go down, you may find yourself in a situation of dealing not only with rate increase, but increased home price as well, as both continue to edge up. Happy home buying!
Diana Walton - Broker