Mortgage Rates are Increasing.... Don't Wait to Buy....

Mortgage Rates are Increasing....

Don't Wait to Buy....

'The 30-year fixed rate hit an all-time low of 3.31% last November. The current higher rate would mean a person borrowing $200,000 now would pay $125 more per month compared with a person who borrowed when the rate was at its lowest, said Frank Nothaft, Freddie Mac’s chief economist.'

You can see the falling rates from 1980 threw Nov. 2012 at which point we hit an all-time low of 3.31%.  Now check out the current rates, a year later of 4.40% as of August 15th.

Quote and Chart Courtesy of LA Times

Zillow backs up the numbers with their charts as well... It's amazing how quickly the percentages have increased in only a years time. 

Photo Courtesy of: Zillow

This is great for sellers, however, buyers now pay slightly more per month than they would have had they bought a year ago.  Mortagage rates on the rise means now is the time to act, before rate continue to increase, saving you money on your monthly payments in the future...