Mortgage rates continue to trend higher as confirmed by Freddie Mac’s weekly Prime Mortgage Market Survey released this morning.
If you were preapproved for a mortgage a month or two ago, you may want to reach out to your mortgage professional to review what your preapproval looks like now with the higher mortgage rates. Home buyers are qualified based on what the total mortgage payment is and how much down payment they will be using. It’s possible that some home buyers may qualify for less loan amount with the higher rates.
Next week, the FOMC meets and odds are they will raise the Fed funds rate.
If I can help you with your mortgage needs for buying or refinancing a home located any where in Washington state, where I’m licensed, please contact me! Click here for a no-hassle mortgage rate quote.