Last week, mortgage interest rates saw an uptick for the first time in a while, and the trend appears to be continuing this week.
Vantage Mortgage Group’s Weekly Mortgage Interest Rate Tracker report shows that 30-year fixed-rate mortgages are up 0.75 percent from last week, averaging 4.54%. 15-year fixed-rate mortgages are up 0.6 percent, averaging 3.98%. Adjustable-rate mortgages are also up, with 5/1 ARMs increasing 0.625 percent, averaging 3.83%.
Experts believe rates may drop again later this year, as the Federal Reserve is expected to they will hold off on rate hikes until more of the economic impact of recently passed tax reform can be seen. However, with refinances rising due to foreclosure resets and home prices on the rise, interest rates could remain higher.
The ongoing increase in rates makes now an interesting time for potential home buyers to make a decision. On one hand, waiting could be beneficial, as rates may go down. However, with rising home prices, buyers may want to act sooner rather than later in order to take advantage of current rates before they become even more expensive.
To summarize, Vantage Mortgage Group’s Weekly Mortgage Interest Rate Tracker report shows that mortgage rates have increased steadily this week, with 30-year fixed-rate mortgages up 0.75 percent, 15-year fixed-rate mortgages up 0.6 percent, and 5/1 ARMs increasing 0.625 percent. Rates may continue to go up due to increasing refinance rates, rising home prices, and the Federal Reserve's intention to hold off on rate hikes until more of the economic impact of recently passed tax reform can be seen. Potential home buyers should consider taking advantage of current rates before they become more expensive.
This article was contributed on Jul 29, 2023
