Going into last week mortgage interest rates were rocking up and down between 5% and 5.25% for 30 year fixed rate mortgages, best to state in Indiana since some companies price higher in Illinois and Michigan. Indiana property values have leveled off and we get better pricing than surrounding states. That's good news!
In the middle of last week mortgage rates began a climb upwards toward and over 5.5% for 30 years fixed. Some experts are even suggesting rates will go higher tomorrow after the Federal Reserve stops buying mortgage bonds in support of pricing as they have done for the last 16 months.
What's all this mean for you?
- If you are looking for a home, get that contract agreed so we can get you locked prior to any additional increases in rate.
- If you have postponed refinancing, better jump before it doesn't make any sense to do so
- If you are wanting to build a new home .... probably no better time than now. We work closely with Green Pointe Homes in Valparaiso and they can help you find a lot and price a home pretty quickly.