30-Year Fixed Mortgage Rates Unchanged, but Still Expected to Rise

30-Year Fixed Mortgage Rates Unchanged, but Still Expected to RiseA report from Zillow Blog this week confirmed that 30-year fixed mortgage rates remain unchanged from last week.  Borrowers are currently quoted at 4.18 percent - the same as last Tuesday.

However, we must note that the rate did hover to 4.22 percent for the majority of last week, while dropping to 4.07 on Sunday, ultimately arriving at 4.18 on Monday.

Erin Lantz, director of mortgages at Zillow, describes the immediate future of the mortgage rates:

"Rates were steady last week as uncertain economic data left markets with a fuzzy picture of the health of the economy. This week, we expect the uncertainty to continue, leaving rates fairly flat."

So, where does this put prospective buyers?

While these short term statistics appear encouraging for the future, we still anticipate the mortgage rates ultimately to continue to rise over the course of the year as we have previously mentioned.  Prospective buyers should be encouraged by the momentary stagnation of the rates to start their home search sooner rather than later, before rates do end up rising.

Thinking of starting your home search?  Don't hesitate to send us a message or give us a call, and we'll be happy to help you with your process.

Real Group Real Estate

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