Mortgage rates are still extremely low by historical standards, but have been inching up for the last 2 weeks, possibly in corelation to recent stock market gains. Rates have been fluctuating around record lows not seen in more than a half-century for a good many months now. For the last two weeks they have moved upward, according to industry data released this Thursday. A nationwide survey by Freddie Mac found that 30-year fixed-rate mortgages rose to 4.23 percent, while 15-year rates edged up to 3.66 percent. Bankrate reported that the larger jumbo 30-year fixed rate reversed last week's decline, returning to 5.10 percent.
Many buyers are already seeing the writing on the wall, and are very proactively looking for the right property, which in turn is rapidly reducing local inventory. That also makes it a great time to be selling, in fact we're seeing multiple offers on some properties.
Dominic Godfrey Realtor www.SOLDwithin59days.com www.FreeBuyerBonus.com
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