Mortgage Rates Are Slowly Rising

According to Freddie Mac, mortgage rates are on the rise with rates inching up over the last two weeks. In fact, the week of November 23, the 30-year mortgage rate hit above 4 percent for the first time this year. Here are the latest average rates, per to Freddie Mac.

Average mortgage interest rates November & December 2016

 

While interest rates are currently higher than they’ve been all year, they still remain historically low if you look a the last 40 years.

historic-rates-by-decade

That said, any time the interest rates increase, this impacts your monthly mortgage outlay when you buy a home. The higher the rate, the higher your monthly payment. However, despite the slight increase in interest rates, historically, rates are still quite low and the minor uptick will not have a significant impact.

If you have questions about where interest rates may go in 2017, or have questions about whether this is a good time to buy a home, contact your mortgage lender. I can also answer your questions. Just give me a call at 206-391-0388. I’m happy to help!

 

About Marti Reeder

I am a full-time, full-service REALTOR® for John L. Scott, Kent-Covington, Washington. Serving primarily the South Puget Sound, my goal is to provide my clients with first class service and to make the home buying or home selling process as simple as possible.

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