Freddie Mac Reports Today’s Current 30-Year Fixed Mortgages Rates; Interest Rates on the Rise; Will Home Buyers Lock into Low Rates?

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Mortgage interest rates are still at historically low levels and have been at these levels for an extended period of time. Still though, the new and previously owned sales numbers in the housing sector remain at unacceptably low levels. On top of the struggles in the sector, interest rates are on the rise. Concerns regarding rising interest rates are on the minds of many and are keeping index value increases to a minimum in the market. Mortgage rates posted an increase for another consecutive week. The average rate on a 30-year fixed rate loan increased to 4.61% and the average rate on a 15-year fixed rose to 3.96% according to data from Freddie Mac. At first glance, many are likely to believe that the rise in interest rates will spell increased trouble for an already struggling sector, but some argue that this may not be the case. Historically, low interest rates have not necessarily meant a surge in home sales. Many believe that the threat of interest rates that may rise in the coming weeks could spur many on the fence to jump into the market and lock into lower rates while the rate is still available. Rates this week surged to a six week high. Will the fence sitters jump? Author: Stephen Johnson

Freddie Mac Reports Today's Current 30-Year Fixed Mortgages Rates; Interest Rates on the Rise; Will Home Buyers Lock into Low Rates?