Central Indiana residents looking to buy a home this summer
will be watching mortgage interest rates start to climb. Though rates
remain at historically low levels, the national averages for interest
rates are on the move.
According to bankrate.com,
the benchmark 30-year fixed-rate mortgage was around 4.48 percent
earlier this month. This is compared to around a 3.87 percent rate last
year at this time.
Overall, the rise of interest rates signals a stabilizing
economy that will need less caretaking from economic industries. This is
good news, but for people looking to buy a home in the next few months,
it could be a signal to act.
According to some experts, the steady growth in mortgage interest rates
will keep moving along. This does not mean you have missed the
opportunity to buy a new home, as rates are still remarkably low and
home prices in Central Indiana are still affordable.
What these rising rates means, however, is that potential
homebuyers should think about searching for their new home and listing
their current property soon, as there could be an increase in
home-buying activity as people try to lock in low rates.
Of
course, every situation is different, and you should
never rush into selling or buying a home. But for those residents who
are interested in learning more or beginning the process, contact me
today and learn what deals you can find, and get up-to-date information
on
mortgage rates and trends.
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