Interest Rates Spike – Really?

stocks-arrow-up-chart-mdI 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.

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