Mortgage Rates Inch Over 5%

Mortgage interest rates on a 30-year fixed home loan increased this last week to finish at an average of 5.05% according to Freddie Mac. This represents an upward surge from the previous week which finished at 4.81%, but is nearly on par with a year ago when rates were 4.97%. As the broader economy continues to show improvement long-term bond yield rates are likely to rise which will put upward pressure on interest rates as well. A plurality of economists are expecting interest rates for mortgages to steadily climb further in the coming years as government intervention in the lending industry subsides. While the current rate is higher than the recent historic lows they are still attractive from a historical standpoint and will likely be seen as an exceptional value in coming years.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.