Buy Now, Mortgage Rates On The Rise

Buy Now, Mortgage Rates On The Rise

Bloomberg is reporting that mortgage rates nationally reached a two-year high this week, thereby increasing borrowing costs for home buyers just as home prices have increased and home sales have accelerated.  The average rate for a 30 year fixed rate mortgage is now 4.58% and the 15 year is up to 3.6% on average.  Both the 30 year and 15 year are at their highest average rate in over a year.