Mortgage rates for 30-year fixed mortgages rose last week, with the current rate borrowers were quoted on Bankrate.com at 4.27 percent, up from 4.19 percent at this same time last week.
The 30-year fixed mortgage rate surged early last week, peaking at 4.33 percent on Thursday before dropping down near 4.28 percent, where rates hovered for the remainder of the week.
“Last week, rates surged after the Federal Reserve suggested it might increase the Federal Funds Rate sooner and more significantly than expected, surprising many market observers who look to this rate for guidance on where mortgage rates are headed,” said Jason Houser, Owner Founder of the Houser Home Team based in Virginia Beach, VA. “This week, we expect rates will inch up further on the momentum of last week’s direction from the Fed and expectations of positive news from economic data scheduled for release.”
Additionally, the 15-year fixed mortgage rate this morning was 3.22 percent and for 5/1 ARMs, the rate was 2.87 percent. Will we continue to see the changes happen in Virginia Beach, VA and all of the Hampton Roads area? Check back for more details.
What are the interest rates right now? Check Houser Home Team for mortgage rate trends and up-to-the-minute mortgage rates for your City.
The 30-year fixed mortgage rate surged early last week, peaking at 4.33 percent on Thursday before dropping down near 4.28 percent, where rates hovered for the remainder of the week.
“Last week, rates surged after the Federal Reserve suggested it might increase the Federal Funds Rate sooner and more significantly than expected, surprising many market observers who look to this rate for guidance on where mortgage rates are headed,” said Jason Houser, Owner Founder of the Houser Home Team based in Virginia Beach, VA. “This week, we expect rates will inch up further on the momentum of last week’s direction from the Fed and expectations of positive news from economic data scheduled for release.”
Additionally, the 15-year fixed mortgage rate this morning was 3.22 percent and for 5/1 ARMs, the rate was 2.87 percent. Will we continue to see the changes happen in Virginia Beach, VA and all of the Hampton Roads area? Check back for more details.
What are the interest rates right now? Check Houser Home Team for mortgage rate trends and up-to-the-minute mortgage rates for your City.
Good insight!!!!
ReplyDeleteGood info and I was curious if you had a website I can go to? Keep this info coming... Thanks Jerry
ReplyDeletewww.sold757.com
DeleteRates? Can someone explain this?
ReplyDeleteWe will go over rates in one of our next Blogs! Thanks for the Comment...
DeleteSO what you are saying is now is a good time to buy? Well hasn't it always been a good time to buy? What's the difference if I buy now as opposed to next year or the year prior?
ReplyDeleteYes, now is a great time to buy and as far as buying next year, the rates "could" go as high as 6% where as last year at this time they were at 3.85%. If you have any further questions please let us know at www.sold757.com
DeleteThanks Ill have to check it out!
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