The average 30-year fixed rate mortgage climbed to 4.38%, a nearly three-year high, according to Bankrate.com. The current rate stands at 4.38%. This time a year ago, the rate was just 3.87%.
Rising rates can be largely attributed to the anticipated Federal Reserve short-term interest rate hike next week. A strong employment report could prompt mortgage rates to climb even further.
Each week, Bankrate.com surveys dozens of industry experts to see if they believe that mortgage rates will rise, fall, or stay the same in the following week. Over 90% of lenders polled believe that rates will continue to climb in the following week, prompting many homebuyers to lock their mortgage rate. If you’re interested in purchasing a home this spring and would like to speak to a lender, we’d love to introduce you to a local, knowledgeable loan officer. Just give us a call at (215) 699-5555!