Mortgage Rates Have Jumped yet Again

If you are going to buy a house and need to get a mortgage, you should be aware of what is happening with mortgage rates. Understanding what is going on in the market is important to understand so you are able to make the best decision possible for your circumstance. This article from Money gives a view of what is happening currently with rates and the potential impact on a new mortgage. Enjoy the article and give me a call if you have any questions or have any real estate needs.

Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com

Source: Money | Repost Houterloot 3/30/2022 - 

This week, the average rate on a 30-year fixed-rate mortgage jumped more than a quarter of a percent to 4.42%, according to Freddie Mac. Last week was the first time the 30-year rate crossed 4% in almost three years.

Mortgage rates on all other loan types moved up as well.

For its rate survey, Freddie Mac looks at rates offered for the week ending each Thursday. The average rate represents roughly the rate a borrower with strong credit and a 20% down payment can expect to see when applying for a mortgage right now. Borrowers with lower credit scores will generally be offered higher rates.

On the other hand, Money's daily mortgage rate survey is based on the previous day's lending activity and represents the average rate a borrower with a 700 credit score and 20% down should expect. Keep in mind that available rates vary by lender and change constantly.

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