Mortgage Interest Rates Which way from here?

 Mortgage Interest Rates Which way from here?

While you were sleeping, Mortgage Interest Rates have crept up from a low of about 3.375 to 4% in the last couple of months. That's a pretty significant rise and I think that if the rise persists that may have an effect on the lack of inventory available. Often many think of rising rates as a reason to buy now, and that makes sense. You don't want to pay higher for the same amount of money a month from now. I have some other thought on that, but I will save that for a separate post. Currently at 4% you will pay $477.40 for every $100K you borrow. Just two weeks ago with rates at 3.5 it only cost you $449 for every $100K. That's almost $30 a month, a steep jump in a short period of time. The small chart is mortgage rates for NY State over the last 2 years. You can see that a turn has taken place with a higher high and a higher low so far this year. Also on the bigger chart, there is long term perspective, 2 thinkgs are important:1) the current rise is relatively insignificant and can be attributed to just noise. 2) However it is important to look at where we have come from, 18% down to nearly 3% and to recognize that at some point, the cycle will reverse. That doesn't mean that we are going back to 18% and it doesn't mean that we can't go sideways for years too. It does mean that expecting a lot more downside may leave you wanting.........

Mortgage Interest Rates Which way from here?

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