Interest Rates Up Slightly Again
Freddie Mac’s Weekly Mortage Market Survey was released yesterday. Rates were up slightly again, originations were down, and lenders are beginning to fear especially for their refinance business.
The average for a 30-year fixed is now at 6.15%, with an average of half a point.
This is still not what you would call “high” interest, but as always, we caution buyers who may be waiting for prices on homes to fall that they certainly will — because they tend to go in the opposite direction from interest rates. I think we’re in for another several months of interest rate increases before we see prices really go down, but that’s just an opionion of mine. I also think interest will continue to climb after that, albeit with “local” fluctuations in the rate along the way.
