If you purchased your home when rates were higher and you have not refinanced into a lower interest rate, you remember when 6% was a great interest rate.
It’s not now. The average interest rate on a 30-year fixed rate mortgage has recently jumped from 5% to more than 5.3% and home buyers in the market are reportedly growing antsy to find a home and close before rates rise even more.
MSNBC.com has the article, Homebuyers scramble as mortgage rates rise: Higher payments could price many would-be buyers out of the market. It’s news, but not earth shattering. Rates will rise and homes will continue to be bought and sold. When rates were at 13% in the 70′s homes were bought and sold.
