In Case You Missed It - 30 Yr Fixed Rates are up Almost 1%

Of course, they’re still way below the long-term average for the 30 year rate. I paid 8% on my 1st 30 year loan.

 

From DS News

Fixed Rates Skyrocket in Response to Fed Remarks

According to Freddie Mac's Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage (FRM) rose to 4.46 percent (0.8 point) for the week ending June 27, an increase from only 3.93 percent last week and the highest figure since the week of July 28, 2011. The weekly increase is the largest since April 1987. The 15-year FRM this week averaged 3.50 percent (0.8 point), up from 3.04 percent the previous week. While the massive rate hike will certainly dampen some housing activity, Nothaft noted the effect "will be muted by the high level of buyer affordability, and home sales should remain strong." » Read More

 

- Sunil Sethi

SUNIL SETHI REAL ESTATE

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