Mortgage Interest Rates Are At A 7 Year High
Posted by Kent Redding on
By The Kent Redding Group
AUSTIN, TX. - Are you planning on buying or selling a home in Austin? If so, now is the perfect time because mortgage interest rates have reached a 7 year high and with summer right around the corner it's likely that we're going to see more rate increases this year.
How far can interest rates increase? It's anyone's guess. Thankfully, mortgage interest rates haven't even come close to where they've been historically during the last 15-30 years but a rate increase of .5 or 1 percent can mean a higher monthly payment and more money paid overall during the term of a 30 year mortgage.
Buying Frenzy
The average rate for a 30-year fixed mortgage jumped to 4.61 percent, up from 4.55 percent last week and the highest…
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