Lenders across the nation reported a slight increase in mortgage rates on Monday, January 17th. The average 30-year fixed rate loan jumped 4 basis points this week to 4.04%, while the average 15-year fixed rate loan climbed to 3.19%. Following November’s election, mortgage rates surged nearly half of a percent higher, but appear to have stabilized in the last three weeks.
Each week, Bankrate.com surveys loan officers across the country to determine whether they believe rates will rise, fall, or remain unchanged in the following week. The majority of experts (54%) weighing in believed that rates will remain relatively stable in the upcoming week, whereas 18% believe they will increase and 27% expect for them to decrease. The Rate Trend Index is a popular resource for borrowers to determine when to “lock in” their mortgage rate.
Interested in learning more about loan options? We’d love to introduce you to local, helpful, and knowledgeable lenders. Just give us a call at (215) 699-5555 or email us at theoffice@everyhome.com.