Interest rates went up this week. REALTOR.com reports (click here for the article): "Following four consecutive weekly declines, Freddie Mac reports a jump in the 30-year fixed mortgage rate to 5.68 percent during the week ended Jan. 31 from 5.48 percent the prior week."
Usually when the Federal Reserve Board meets and lowers the rate they charge banks, interest rates eventually will fall. Due to the high demand for refinances, this time rates have actually risen.
Will they continue to rise or will the demand for mortgages easy allowing the rates to fall again? That is the million dollar question. I think we are at or very near the bottom for now.
Today is a great time to lock in a low interest rate for your new home. Great inventory and low rates together make now one of the best times to buy your new home. Call me today and let's find YOUR dream home!
Michael Bradford
770-862-8002
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