When you’re looking to buy a home, the first thing to consider is where the current mortgage rate stands. Since the rates can fluctuate, occasionally from week to week, we’ve gathered the most recent mortgage news for your consideration.
- Last Thursday marked the third straight week that average U.S. rates on fixed mortgages rose, increasing from 4.33 to 4.37 percent on a 30-year loan and 3.35 to 3.39 percent – according to mortgage buyer Freddie Mac.
While mortgage rates are up close to a full percentage from last year’s record lows, it’s important to note that rates are still near historically low levels. Along with the fixed mortgage rates increasing last week, the Commerce Department noted on Wednesday that it projects the spring home buying season will be sound enough to lift the overall economy.
As noted by Bloomberg.com, the purchase of U.S. homes unexpectedly rose in January to the highest numbers in more than five years. The growth “shows underlying strength in the industry even in the midst of unusually harsh weather.
Sales increased 9.6 percent to a 468,000 annualized pace, exceeding the highest estimate of economists surveyed by Bloomberg and the most since July 2008, figures from the Commerce Department showed today in Washington. Demand improved in three of four regions.”
As demand grows, it might be a good time for you to consider buying or selling a home. If you’re in the market, we’d love to talk to you!