house with dollar sign inside and crossed arrows around percent sign - Home Prices up Interest Rates down - Bill Salvatore, Realty Excellence East Valley - Arizona Elite Properties 602-999-0952

Average 30-Year Fixed Rate for Home Loans Above 4 Percent

How much will mortgage rates increase?

Rumor has it, mortgage rates are on the rise. The economy is undeniably healthy… have you checked your retirement accounts lately? Unemployment rates have dropped considerably, nationwide unemployment is at its lowest in over a decade. And low interest rates have remained on the charts much, much longer than is usual. But our national debt is set to soar so the Federal Reserve is looking to hedge against a surge of inflation by bumping up interest rates. Mortgage interest consistently reflects the Fed so onward and upward it is. How much will mortgage rates increase? Hard to tell but I do anticipate a slow and steady rise throughout 2018.

Having said all that, the low 4s, which is where we’re sitting right now, is still a stunningly affordable mortgage rate. With seasonally static real estate prices in place home buyers may just consider this the right time to jump into the market.

Average 30-Year Mortgage Rate Above 4 Percent

By RISMedia Staff

The average 30-year, fixed mortgage rate charged to 4.04 percent this week, up from 3.99 percent the week prior, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The 15-year, fixed rate averaged 3.49 percent, up from 3.44 percent the week prior, while the five-year, Treasury-indexed hybrid adjustable rate averaged 3.46 percent, the same as the week prior.

“The U.S. weekly average for the 30-year fixed mortgage rate rose above 4 percent for the first time since last summer to 4.04 percent in this week’s survey,” says Len Kiefer, deputy chief economist at Freddie Mac. “This is the highest weekly average for the 30-year fixed rate mortgage since May of 2017. Some may be wondering if this is the last time we’ll see a three handle on the 30-year mortgage rate. Never say never, but inflation is firming, the Federal Reserve’s Beige Book indicates broad-based economic growth, and labor markets are tightening. This means upward pressure on long-term rates, like the 30-year fixed-rate mortgage, is building.”

Source: Freddie Mac    Reprinted with permission from RISMedia. ©2018. All rights reserved.

For more information, Call or Text: 602-999-0952
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management

While you’re deciding if it’s time to make a move, let us help with our Moving On Advantage! When you list your home with us, and buy another, we’ll contribute $2,000 toward your closing costs!

Check out our Moving On Advantage discount then give us a call!

er wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:

Who Pays for What?

—   —   —

What is standard and legal procedure in a Real Estate transaction?

Home Purchase Offers and Agreements 101

Additional Helpful Information for Home Buyers

Getting Pre-Approved for a Mortgage

— — — — — — — —

Help for Home Sellers

Order a Free Market Analysis Online

We'd like to know what you're thinking!