Are Mortgage Rates on the Rise?

In my business, everyone wants to know where the rates are? The bigger story that packs more punch, is where are the mortgage rates going? Experts will point to charts that show rates up or down. To the average citizen my best advice is to look back to get an idea of where the rates might be headed.

In the month of August, rates rose for three weeks straight. In a report published by the latimes, reported by E. Scott Reckard on August 16th, 2012, Freddie Mac found that "the typical 30-year rate increased from 3.59% to 3.62%."

In September, a 30 year fixed rate is now around 3.75%. The rates have been at historic lows for some time and the chart below shows this to be true.

What does all this mean to people who own a loan or to people who want to buy a house? According to E. Scott Reckard "Rising rates could throttle the latest in a long series of refinancing booms" and will result in less purchasing power for those who wait to buy a house.

The bottom line - mortgage rates are on the rise. The rates remain low historically, which is reinforcing the fact that it is a good time to buy a house! If you have done your homework and are prepared to make a home purchase, you can be one of the fortunate buyers to take advantage of the low mortgage rates.

For further information on the home buying or selling process, contact Todd Adams at 503-332-5227 or visit Home Search