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30-year fixed rate mortgages jumped to the highest level seen since around mid-2011, averaging 4.51%, up 0.22% from last week according to Freddie Mac. Meanwhile, the 15-year rate Mortgage also grew 0.14% from last week, averaging approximately 3.53%. Experts suggest that the continuous rise in mortgage rates will increase borrowing costs and improve the job market. The property economist at Capital Economics Ltd., Paul Diggle said, Housing affordability has deteriorated slightly in response to the rise in mortgage interest rates, but remains considerably better than the historical average.” Additionally, home prices are also on the rise with May 2013 seeing the largest growth since the beginning of 2006. More here
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