Mortgage rates are going up… FAST! They are at their highest level in 4 years! We’re about half a point higher today than we were 6 weeks ago. The US Treasury Bond (drives long term mortgage interest rates) is up nearly 20%. Rates are forecasted to be in the 5’s before the end of the year. With that being said, if you are on the fence about purchasing, I would personally recommend locking in a rate if you see a rate you like. If you have goals to purchase soon, I would up your urgency to find a home and make it a priority.
Both the Consumer and Producer Price Indexes are due this week. With rising inflation fears, any signs in these reports about higher inflation could send mortgage rates even hire. Some analysts even believe that the rates may rise 4 times this year!
Mortgage rates have not been at 5% since 2011!
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