In this weeks Primary Mortgage Market Survey from Freddie Mac, 30-year fixed-rate mortgage rates jumped 19 basis points to 4.90 percent; this is the highest level since the week of April 14, 2011.
Freddie Mac credits rising rates plus high & escalating home prices putting pressure on purchase demand. Although monthly payments are still affordable, the biggest hurdle for many borrowers today is the down payment.
In the market for a new home, but concerned about the current mortgage rates? The Seay Realty Group has years of experience in the real estate market and can help you in today’s market! Call us today!