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Mortgage Rates Rise On Fed's Surprising News

Yesterday was not a good day for mortgage rates with the uneasy news that the Fed seems prepared to raise short-term interest rates sooner than expected. Stocks slipped and mortgage-backed-securities (the market that most directly affect mortgage rates) reacted with negative repricing. The net effect is that buyers hoping for lower borrowing costs can anticipate higher rates in the near term or be looking at higher closing costs (or a lower lender credit toward those costs, if applicable).
4.375% 30 year conventional fixed rate is now being quoted for borrowers with excellent credit scores, +20% equity in their homes; able to pay all closing costs and at least one point. Any variation in these criteria translates into a rate that could be a bit higher. 
If your New Year Resolution is to buy a New Home (or Refinance) now is the time to get Pre-Approved and get a jump on the spring buying surge.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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