Mortgage Rates on the Rise

Mortgage interest rates have been pushing higher with the Fed pulling out of buying mortgage-backed securities and inflation. Check out Freddie Mac’s latest Prime Mortgage Market Survey that was published this morning. NOTE: Rates posted below are EXPIRED – for current mortgage rates based on your personal scenario for homes located in Washington state, please click here.

From the PMMS:

“Mortgage rates rose across all mortgage loan types, with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from last week,” said Sam Khater, Freddie Mac’s Chief Economist. “This was driven by the prospect of a faster than expected tightening of monetary policy in response to continued inflation exacerbated by uncertainty in labor and supply chains. The rise in mortgage rates so far this year has not yet affected purchase demand, but given the fast pace of home price growth, it will likely dampen demand in the near future.”

Mortgage rates are still historically low… just not as “artificially sweet” as they have been due to the Fed’s support. If we continue to see signs of inflation, mortgage rates will most likely continue to trend higher.

If you are preapproved for a mortgage to buy a home, you may want to contact your mortgage professional to get an updated scenario with current rates. If you have been considering refinancing, you may want to make that move sooner than later. If your home is located anywhere in Washington state, where I’m licensed, I am happy to help you with your mortgage needs! Click here for a no-hassle mortgage rate quote.

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