What are interest rates today?

A question I get asked on a daily basis and a lot of times multiple times in a day? Rates!

· What are interest rates today?

· Are they going up again?

What are interest rates today?

I wish I had a crystal ball to tell you the future. But I don’t. I do read a lot of information regarding rates and the mortgage industry daily so I can provide insight to my clients. Rates are under six percent for a Conventional loan with a 30 year fixed term. Government rates are under six percent as well.

With the Federal Reserve tightening up on their rates, the United States Treasury has mirrored them. The increase in rates has changed the monthly payment for borrowers by $200-$400 a month more than in January 2022. This change definitely affects my clients. For some clients they might have been approved for a house of $250,000 and now they can only afford a house of $200,000. If you are shopping for homes and haven’t visited with your lender since March 2022, you need to call them. You need your lender to re-run the figures to make sure your pre-approval is still valid.

Are rates going to increase through 2022?

Over the past week interest rates descreased as concerns about the potential recession continue to rise.

Following the announcement last month that the Federal Reserve would raise the federal funds rate by 75 basis points to curb inflation – we expected to see increases as well.

Intially mortgage rates spiked but since development has tempered the conversation.

Now is still a good time to buy a house! Just last week I pre-approved a couple for a new house. Their new house payment is going to be less than their current rent each month. And they are getting a bigger house!

Refinances are slim to none right now. I always tell my customers it is good to look into refinancing when the current interest rate is at least 1% lower than what you are currently paying.

Eventually rates will come back down and we will have a refinance boom again.

The Federal Reserve is expected to meet this week and economics are predicting another increase in rates. Again, reach out to your local lenders if you are still house hunting regarding your pre-approval.

If you have any questions, please feel free to contact me.

haleyannuschat@gmail.com

Sources: National Mortgage Rates

National Association of Realtors

Keeping Current Matters

Haley

NMLS# 925207