Central Indiana residents looking to buy a home this summer will be watching mortgage interest rates start to climb. Though rates remain at historically low levels, the national averages for interest rates are on the move.
According to bankrate.com, the benchmark 30-year fixed-rate mortgage was around 4.48 percent earlier this month. This is compared to around a 3.87 percent rate last year at this time.
Overall, the rise of interest rates signals a stabilizing economy that will need less caretaking from economic industries. This is good news, but for people looking to buy a home in the next few months, it could be a signal to act.
According to some experts, the steady growth in mortgage interest rates will keep moving along. This does not mean you have missed the opportunity to buy a new home, as rates are still remarkably low and home prices in Central Indiana are still affordable.
What these rising rates means, however, is that potential homebuyers should think about searching for their new home and listing their current property soon, as there could be an increase in home-buying activity as people try to lock in low rates.
Of course, every situation is different, and you should never rush into selling or buying a home. But for those residents who are interested in learning more or beginning the process, contact me today and learn what deals you can find, and get up-to-date information on mortgage rates and trends.