If you’re on the fence about purchasing a home, now may be the time to make your move. For the first time since Sept 2013, the national average of the 30 year fixed mortgage rate has risen above 4.5%.
In the grand scheme of mortgage rate history, this does not seem like a big deal. But what this move does signify is that mortgage rates are leaving the sub-to-low 4.0 range that we’ve been enjoying for the last 5 years or so and returning to the more “normal” 5.0-6.0 range. This increase is being tied to the speculation that the Federal Reserve will begin to taper back the bond-buying program that has been keeping rates low for the recent past.
For more information, please check out the article from Realtor.com here. ')}