For the first time in 10 weeks, US mortgage rates rose above 3%. The average for a 30-year loan rose to 3.02% becoming the highest it’s been since April 15. Right now, the economy is progressing, which makes this increase normal. However, rates are likely to gradually rise in the second half of the year. Therefore, if you are an owner who has been thinking about refinancing, now is a good time to do so.
US mortgage rates hit a record low of 2.65% in January, but have been close to 3% for a couple of weeks now. These low rates have cause d the housing market to boom, giving a lot of Americans buying power.
In addition, these low rates have also allowed many homeowners to refinance in order to save on their monthly payments. Even with the rise this week, the rates are still historically low. In addition, regardless of the jump, the real estate boom happening all over the country is likely to remain very strong.
The current rate is still very attractive. Therefore, if you’ve been thinking about refinancing or applying for a loan to purchase a home, now might be a great time to do so.
Interested in buying or selling a home in South Florida?
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami or Orlando we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).