Mortgage Rates Rising Now At 2 Year High

Dated: 07/19/2013

Views: 1102

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 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!

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