Source: Time —
In 2022, mortgage rates rose nearly to levels not seen since before the pandemic, after nearly two years of record-low rates.
The refinance or purchase of your home doesn’t have to be put on hold. Although rates are higher than they were last year, 30-year fixed rates are still close to rates from a few years ago.
The fact is, a homebuyer’s decision involves a lot more than just an interest rate. It’s a lifestyle decision. In spite of the impact of the interest rate market on mortgages, it is not wise to base your decision solely on a few basis points. What’s most important to consider is to set a realistic homebuying budget and stick to it.
Let’s look at current mortgage rates, previous rates, and what all this means for borrowers.
Looking at today’s mortgage rates a few notable rates moved higher. The averages for both 30-year fixed and 15-year fixed mortgages both saw an increase. For variable rates, the 5/1 adjustable-rate mortgage (ARM) also climbed.
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