Are Mortgage Rates on an Up Hill Climb?

Average long-term U.S. mortgage rates rose sharply for the first time in November. Amid growing expectations that the Federal Reserve might soon raise its key short-term interest rate, now more than ever may be the time to lock your interest rate.

Although November's rate climb was sharp compared to slightly unchanged rates the week prior, rates are still historically low. The average rate on a 30-year fixed-rated mortgage jumped to 3.87 percent from 3.76 percent a week earlier. It was the largest weekly increase in the 30-year rate since June. The rate on 15-year fixed rate-mortgage advanced to 3.09 percent from 2.98 percent.

Rates are still historically low, marking 15 straight weeks below 4 percent and is well below last year's levels. A year ago, the average 30-year mortgage rate was 4.02 percent, while the rate for 15-year loans was 3.21 percent.

With the fate of years of near-zero interest rates hanging in the balance, strong October and November jobs reports could give the Federal Reserve enough of a reason to consider raising interest rates in December.

If you are considering financing a new home purchase or even refinancing your existing mortgage loan, now may be better than ever before. Call/text me at 760-574-8486 to get started today!