Housing does not seem to have been affected much by the rising mortgage rates which is not too good of news for those shopping for bargains. This month the mortgage rates have continued to increase from the lowest point but still remain at historic lows. Lenders remain busy as people still continue to purchase and refinance their homes, even though the rates have increased some.
With the current mortgage rates barely above the 3% mark, at 3.2%, the amount of demand for housing is now resembling March of last year before the pandemic.
Experts predict that mortgage rates will not rise as sharply as the previous weeks in the coming months, regardless of the mortgage term. The 20-year and 10-year terms have actually decreased, and the more common 30-year and 15-year rates have remained constant in the refinance market.
The rates are still in the historical lows. It’s always a good idea to reach out to a mortgage professional to find out your options. Contact me today and let’s save you more in mortgage payments.