Attention Homebuyers: Mortgage Rates on the Rise
Average 30-Year Fixed Rate Mortgage Now at 6.88%
Current interest rates are significantly higher than in recent years.
If you're planning to buy a home, be prepared to pay higher mortgage rates than you would have a year ago. According to the latest data from Mortgage News, the average 30-year fixed mortgage rate has increased to 6.88%. This represents a significant jump from last week's 6.77% and last year's 6.78%.
The rise in interest rates is being driven by a number of factors, including the Federal Reserve's decision to raise its benchmark interest rate earlier this year. As the cost of borrowing increases, banks and other lenders are passing those costs on to borrowers in the form of higher mortgage rates.
If you're considering buying a home, it's important to shop around and compare rates from multiple lenders. You may also want to consider locking in a low rate while the opportunity still exists. Interest rates are expected to continue to rise in the coming months, so it's important to act now if you're planning to buy a home.
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