After hitting an annual low of 4.06 percent last March, mortgage interest rates have started climbing upward again, hitting 4.17 percent in mid April, as the rate of home purchases has risen. Luckily for buyers, there is still a large inventory of homes for sale, and rates have not climbed back up to the levels seen in Spring 2018, which got as high as 4.47 percent. While these differences may sound rather marginal, over 30 years and hundreds of thousands of dollars, the differences add up.
- It has been a long time that rates rose because for some time now, and particularly last month, rates have reached their low points.
- Rates have started to rise again according to data from Freddie Mac and the 30 year fixed mortgage rate has risen to 4.17 percent.
- It is noteworthy to acknowledge these rises because when rates rise this way, even the little rise can add up in the bottom line of buyers.
“But cash-strapped buyers should take solace in that rates are still well below their 4.47% average of this time a year ago.”