Home Mortgage Rates Jump

The million dollar question: Is this a good time to buy real estate in North Scottsdale or anywhere in the world? With the recent mortgage rates rise (30-Year Fixed at 4.39%) maybe it is a good time to buy to lock in a good rate in case they keep rising.

According to an article in wsj.com by Mark Gongloff: “Home-mortgage rates have surged to their highest level in three months, a reminder of the real-world implications of the recent spike in Treasury yields and another headache for the Fed.

The rate for a 30-year, fixed-rate mortgage averaged 4.39% last week, according to the weekly survey from government-backed mortgage firm Freddie Mac, up from a record-low 4.17% the week before. Rates on 15-year fixed-rate mortgages were 3.76%, up from 3.57%. (The rates assume prepaid interest of 0.9 point and 0.7 respectively.)

This week’s average is the highest level since the week of Aug. 19 and marks the biggest one-week increase since June 2009.”

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