Mortgage Rates are climbing!
Hold on to your wallets! Mortgage rates have risen for the last three weeks. Average long term United States 30 year mortgage rates have risen to the lofty height of 3.85% according to Freddie Mac the Mortgage Giant. Last week the number was 3.80%. Still a bargain as far as borrowing money to purchase a home goes. The fifteen year mortgage number is 3.07%.
Last year at this time the rate was 4.20% which was still cheap borrowing rates. A lot of the increase is tied to an improvement in the economy and 10 year Treasury notes. Also contributing to this data is unemployment, which fell to 5.4% which this country hasn't seen since about May of 2008.
This is great news and should build momentum for potential homebuyers to get their asses off the fence and become HOMEBUYERS! Really, what are these people waiting for? Maybe I should send the Easter Bunny to knock on their door and spell it out for them. Of course I'll include a "homebuyers basket" of goodies, things like a map to SW Florida and other trinkets.
Don't be a dumb Bunny sitting on the fence. I hear a lot from people telling me how they "should've bought" two years ago. Forget that, get your ass in gear and jump in so you don't say the same thing in 2017. All the data I'm seeing shows prices going UP - lack of inventory etc. Lock in now and get your property secured.