The average 30-year fixed mortgage rate rose by over 7.5% from 2.67% to 2.871% in just 10 months. During that time period, the average 15-year fixed-rate also rose by just over 7% from 2.17% to 2.327%.
Unless something drastic happens, it’s an almost certain bet that this upward trend will continue, and mortgage rates will continue to steadily rise over the coming months.
We know it's hard to figure out whether this is the right time for you to buy a new home, or if you should wait, but waiting might also cost you some serious money.
Locking in your mortgage rate today is a surefire way to protect yourself against rising rates in the future.
As more and more market trends are indicating that mortgage rates are steadily rising, our advice is not to wait and to start comparing lenders and rates today.
So what exactly are you waiting for? Start comparing now!