What’s behind the latest increase in Mortgage interest rates?
Mortgage interest rates have been on the rise in recent weeks, and they’re now at their highest levels in more than four years.
So what’s behind this latest increase?
One factor is that the Federal Reserve has been gradually raising interest rates over the past year to slow down inflation. Because of this, mortgage rates usually follow suit.
Additionally, home prices have been climbing steadily for the past few years, making it more expensive to borrow money for a home purchase.
This means that if you’re in the market for a new home, you may want to act sooner rather than later. Rates are expected to rise in the coming months, making it more difficult and costly to finance a home purchase.
So if you’re thinking about buying a home, it may be time to start shopping around and getting pre-approved for a mortgage.
By doing so, you’ll be in a better position to lock in a low rate before they go any higher.