One of the most common questions I hear from home buyers is, "How much house can I actually afford?"The answer isn't always as simple as looking at the purchase price. While the home's price,
Mortgage Rates on the Rise
Dated: October 27 2018
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Borrowers were faced with rising mortgage rates again this week, after a slight pause from increases the week before.
“Despite volatility in the stock market, the 30-year fixed-rate mortgage inched forward just 1 basis point to 4.86 percent this week,” says Sam Khater, Freddie Mac’s chief economist. “We expect rates to continue to rise, which will put downward pressure on homebuying activity. While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 25, 2018:
- 30-year fixed-rate mortgages: averaged 4.86 percent, with an average 0.5 point, rising slightly from last week’s 4.85 percent average. Last year at this time, 30-year rates averaged 3.94 percent.
- 15-year fixed-rate mortgages: averaged 4.29 percent, with an average 0.4 point, rising from last week’s 4.26 percent average. A year ago, 15-year rates averaged 3.25 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 4.14 percent, with an average 0.3 point, climbing from last week’s 4.10 percent average. A year ago, 5-year ARMs averaged 3.21 percent.
Dan Hennen
With over 30 years of experience in the real estate industry, Dan Hennen has been a full-time agent since 1994, specializing in both buyers and sellers throughout the Twin Cities metro area. As a Minn....
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