That’s right! As of this week, the average rate for 30 year fixed-rate mortgages rose to 4.47% from 4.42% last week, significantly higher than the averaged 3.97% rate a year ago. This is most likely correlated to the higher yields on treasury notes.
With the start of spring home buying season, such an increase in mortgage rates might cause homeowners to steer away from moving and instead invest into remodeling. According a study by the Joint Center for Housing Studies at Harvard University, spending on remodeling will surpass $340 billion, an increase of more than 7% from last year.
If you are a current homeowner and looking to relocate within the same area, what do you feel is the best decision provided the increase in mortgage rate?
That’s right! As of this week, the average rate for 30 year fixed-rate mortgages rose to 4.47% from 4.42% last week, significantly higher than the averaged 3.97% rate a year ago. This is most likely correlated to the higher yields on treasury notes.
With the start of spring home buying season, such an increase in mortgage rates might cause homeowners to steer away from moving and instead invest into remodeling. According a study by the Joint Center for Housing Studies at Harvard University, spending on remodeling will surpass $340 billion, an increase of more than 7% from last year.
If you are a current homeowner and looking to relocate within the same area, what do you feel is the best decision provided the increase in mortgage rate?
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