Experts: Say So Long To Mortgage Rates In The 3′s For Now
Posted by Breckenridge Associates Real Estate on
A 30-year home mortgage rate in the 3% range appears to have ended for now. The rates suddenly surged a full percentage point over the past month. “The market has been so stable for the past two years,” says Kim Neilson, executive vice president at McCue Mortgage in New Britain. “We haven’t experienced this type of jump in years.” The strengthening economy and federal monetary policy have helped bring up the rates as the housing market recovers. Borrowers consider the implications of higher rates.
One of the first areas to see the impact of the higher rates is borrowers with adjustable-rate mortgages and those looking to refinance their existing mortgage. “It’s always a concern when rates go up,” said Joanne Carroll, a spokeswoman for the Home Builders…
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