Let’s Talk Mortgage Rates

How many of you have been watching the mortgage rates? If you have, you know that for the past seven weeks rates have steadily increased. This week they unexpectedly took a slight dip. Although forecasters predict they will surge next week.

This week’s rate was 3.93% on a 30-year fixed loan and 3.04% on a 15-year fixed. While these rates are still incredibly low they are the highest we have seen since April of 2012.

Fed Chairman Ben Bernanke suggests that the housing market has improved enough to withstand rate increases. Pre-owned home sales are at the highest levels since November 2009. New mortgage demand has not decreased in the past seven weeks with the steady rate increases, but refinancing demand has subsided some. 

Do not let the rate increases scare you into  holding off on your home search.  Rates are still at historic lows. Mortgage rates hovering around 4% are exceptional deals for home buyers. Take a few minutes to see what is on the market in Nashville. There are some great houses out there. Give me a call, I would love to help you find your next home!

About Sutton Lipman

Sutton Lipman Costanza is a native Nashvillian and a second generation REALTOR. She is excited and proud to be a part of The Lipman Group Sotheby’s International Realty team. Sutton graduated with a Bachelor of Arts degree from The George Washington University. Before selling real estate, she worked at Centerstone, a community-based behavioral health care organization in Nashville. In her free time, Sutton enjoys spending time with her family and friends, traveling, practicing Spanish, knitting and playing tennis. sutton.lipman@sothebysrealty.com or 615.438.6149
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