After a string of record-breaking low mortgage rates last year, 2021 has ushered in a new direction for rates. Unfortunately, that direction is up.
It’s not all bad news though. Rates are rising due to expectations that trillions in new economic stimulus will spur a faster economic recovery.
The downside of recovery is inflation. And the investors that influence mortgage rates through the purchase of mortgage bonds really hate inflation. They’ll be less likely to buy the bonds, the bonds’ value will drop, and rates will rise.
Rates are moving from the lowest point ever. Even if they’re a little higher than last year, they’re still low by historical standards. If you’ve been waiting to secure a still-low rate for a home purchase or refinance, now may be the time to do so.
Want to see how your rate stacks up to national average rates and how much you may be able to save? Click here or on the image below. Remember, rates will vary based on your specific situation. You might even get a better rate than the average.
Things can change quickly, so reach out today and let’s discuss what may work for you. 833-345-1234.
