Mortgage Rates Hit 2-Year High

National reports indicate that a surge in mortgage rates resulted in the highest level in two years has dampened the demand for mortgage applications.   For the ninth consecutive week, 30-year fixed-rate mortgages rose, average 4.68% for the week ending July 5.  That is the highest average since July 2011.  However rates still remain low by historical averages.

Additionally during the week, loan requests for home purchases dropped 3.1%, the second consecutive week posting declines.

From a local stand-point this news has had an impact on home buyers, those that have pre-qualified in the past 3-6 weeks have learned that they may now qualify for less, and some home buyers are making a larger down payment to maintain a monthly payment they are more comfortable.  While this news may slow the market down some it also may create more urgency in some buyers.

Bottom line, if you are planning a real estate move and have been sitting on the fence, now is the time to get off the fence and contact me!

Carol Murphy

Keller Williams ~ Carol Murphy Team

Avon Lake Real Estate