3.56: Mortgage Rates Slowly Creep Up

• February 21, 2013
• 1 Comment

by Shilpi Paul

Since the beginning of the year, mortgage rates have been slowly, but steadily, moving up.

Freddie Mac reported 3.56 percent with an average 0.8 point as the average on a 30-year fixed mortgage this morning. Long-term rates haven’t been this high since last August.

Here is a quick look at how rates have risen over the last two months:

• December 13th — 3.32%
• January 3rd — 3.34%
• January 10th — 3.40%
• January 24th — 3.42%
• February 7th — 3.53%
• February 21st — 3.56%

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

This article originally published at http://dc.urbanturf.com/articles/blog/3.56_mortgage_rates_slowly_creep_up/6688

1 Comment

1. NPS said at 2:10 pm on Friday February 22, 2013:

   A rise in interest rates is critical to Buyers’ purchasing power. For example: If a Buyer’s affordability ceiling was $350K, a rise in interest rates means that it is now $325K. What this translates to - Is that you now get less for your money. Buyers will have to settle for one less bathroom, or a smaller master-bedroom, no parking, or less updates. In general, Buyers will have to settle for less home. In a competitive Seller’s market like the one we have in the DC metro region, this is especially imperative. If you are on the fence about buying a home and/or investment property, please take the current and steady rise of interest rates into full consideration and be prepared to adjust your expectations accordingly.

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