I was in a closing the other day, and the buyer had scored a 3.25% mortgage interest rate, a full percentage point less than what she would have gotten had she locked in that day of closing on her house. And, today, a couple of weeks later, rates have inched up just a little more. Does this mean that people who are considering buying should jump into the market? Well, yes, of course 😆 , and they should call me to help them do so! Seriously, rates appear to be climbing. Still, they are so low that a blip up hardly makes a difference. I guess the question is… When does a blip really mean “spike”? That’s something about which prospective buyers should talk with their lenders. If you are considering purchasing a home in Charlottesville and would like to run the numbers by a mortgage lender, or you want to see what a difference down-payments will make to your bottomline monthly payment, etc, just let me know and I will connect you with someone who can help you sort it out. In the meantime, maybe you’d find the following article in Marketplace.org a good read… Should we be worried about rising interest rates?
For current rates: Bankrate.com is one place to look.