Freddie Mac said Thursday the average rate on a 30-year fixed mortgage rose to 4.83 percent from 4.61 percent in the previous week. Last month, the rate hit a 40-year low of 4.17 percent.
The average rate on the 15-year loan also increased to 4.17 percent from 3.96 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.
I will try not to talk about rates much more. They can move up and down fast, depending on which way the economic winds are blowing, and who is in and out of the Bond Market. Did I mention Mr. Bernanke's name? I must of forgot. Always, speak to your mortgage banker concerning mortgage rates.
I just hope some home buyer will be able to close their new rate and have enough purchasing power as they had at a lower rate. Rising rates can be deal killers. Lock your rate so you know your payment.
Home affordability is dependent on low mortgage rates. Most median incomes don't provide enough income to produce that median priced home. Uncle Sam we need more help. Can you hear me?
Till next time.
NY REAL ESTATE NURSE
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