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.
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.
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!