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Mortgage Rates Are Slowly Rising

December 6, 2016  /  Economy  /  Marti Reeder

According to Freddie Mac, mortgage rates are on the rise with rates inching up over the last two weeks. In fact, the week of November 23, the 30-year mortgage rate hit above 4 percent for the first time this year. Here are the latest average rates, per to Freddie Mac.

Average mortgage interest rates November & December 2016

 

While interest rates are currently higher than they’ve been all year, they still remain historically low if you look a the last 40 years.

historic-rates-by-decade

That said, any time the interest rates increase, this impacts your monthly mortgage outlay when you buy a home. The higher the rate, the higher your monthly payment. However, despite the slight increase in interest rates, historically, rates are still quite low and the minor uptick will not have a significant impact.

If you have questions about where interest rates may go in 2017, or have questions about whether this is a good time to buy a home, contact your mortgage lender. I can also answer your questions. Just give me a call at 206-391-0388. I’m happy to help!

 

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