Mortgage Rates Rising Now At 2 Year High

Dated: 07/19/2013

Views: 1098

The average rate on a 30-year fixed mortgage has recently hit a two-year high, in large part due to the Federal Reserve slowing its massive stimulus policies. The average 30-year fixed-rate loan rose by .22 percentage point to 4.51 percent not seen since July 2011 Although Bankrate.com expects rates to remain steady, many experts believe mortgage rates will continue to climb.

A one percent change in interest rates, (i.e. from 4% to 5%), could reduce your buying power by as much as 20%! In other words your $250,000 mortgage approval at 4% would be reduced to only $200,000 at 5% !

Notwithstanding, rates in the low 4's are still historically excellent and provide you with a great opportunity to buy NOW!

Latest Blog Posts

Charming Ranch Home in Wescott Plantation for Under $200K

4816 Hearthside Drive, Summerville, SC, 29485 3 Bed  •  2 Bath  •  1,355 sqft This Well-Kept & Charming 3BR/2.5BA Ranch is Located in Wescott Plantation of

Read More

Charming Ranch Home in North Charleston Back on the Market!

2652 Martha Drive, North Charleston, SC, 29405 3 Beds  •  2 Baths  •  1,069 SqFtYour Search for a Low Maintenance Lakehouse Escape just an hour outside of the

Read More

AMAZING VALUE on Stunning Lake View Home in Summerton, SC

1046 Island Court, Summerton, SC, 291484 Beds   •   3 Baths   •   1,400SqFt.$220,000Your Search for a Low Maintenance Lakehouse Escape just an hour

Read More

PRICE REDUCED! On Elegant End Unit Townhome in Wescott Plantation

       4761 Horse Drawn Way, Summerville, SC, 29485 3BR/2.5BA   •   1,875 SqFt.$210,000Welcome Home to this Low Maintenance Move-In

Read More