Dear Karen,

You mentioned something about interest rates going up recently. What does this mean for me as I’m looking ahead to either refinancing or possibly making a move in the upcoming year?

Sincerely,

Interested in Interest Rates

Dear Interested in Interest Rates,

Fixed-rate mortgages are ticking upward. Freddie Mac says the average 30-year fixed-rate mortgage rose to 4.16%, up from 4.13% last week and the highest level yet this year. Although they are still historically low, rates are predicted to continue rising in 2017. Higher rates of course reduce the purchasing power of potential home buyers. But we are still far below the rates of the 1990’s, which topped out at more than 10%. The bottom line is that it might be a good time to buy a home to lock in a good rate, but there’s no need to panic.

 Click Here to read why you shouldn’t panic about rising mortgage rates.

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