We have seen an increase of .375% in Mortgage Rates over the last three weeks. The recent rise in mortgage rates is a prelude to even bigger increases in the coming months as the Federal Reserve steps away from supporting the market. The Federal Reserves’ pledge to stop buying mortgages by the end of March is sparking concerns among home builders, mortgage investors and even some Fed officials that mortgage rates in excess of 6% could derail the fragile economic recovery.
We are recommending that if you are looking for a new home, or thinking of refinancing your existing mortgage, that you lock your mortgage rates at the current levels as there will be a significant increase in the upcoming months.
(information provided by: Jim Van Slyck Home Mortgage Consultant Thoroughbred Mortgage, LLC An Affiliate of Wells Fargo Home Mortgage contact Jim at jim.vanslyck@thoroughbredmortgage.com)
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