Home mortgage rates crept a bit higher this week with an average rate of 5.42%. This is up from a week ago at 5.38%. It appears (at least for the immediate future) that our super low rates in the mid to upper fours are a thing of the past.
An interesting phenomenon seen in in some potential buyers is the idea of holding out for that ultra-low rate of 4.78% seen a few months ago. While 5.5% is extremely low when looked at from a historical perspective, some buyers are wishing for the rate that they missed. People who bought in the 1980s will be happy to inform anyone who will listen that 5.5% is amazing compared to the double digit rates they faced a few decades ago.
Fears of inflation could be another reason rates will only continue to creep higher.
Read the full article here.
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