Interest Rates Edge Upwards Again

One of the factors that has made today an excellent time to buy a home has been the extremely low interest rates. Clearly this won’t last forever and as the economy continues its recovery the Fed will certainly raise interest rates once a solid foundation takes hold. This last week’s interest rate rise is certainly very minor with the average 30-year fixed-rate mortgage averaging 3.92% with 0.8 points according to Freddie Mac. This is up from last week’s 3.88% but still substantially lower than the 4.76% seen at this time last year. Any buyers need to keep in mind that eventually there will be a day again where a 6% interest rate will be a great deal, so take advantage of this exceptionally low rates now if you’re considering a purchase.

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.