Mortgage Rates Jump to New 2015 Highs

Jun 10, 2015

increadingratesMortgage rates are continuing to rise as investors’ appetite for mortgaged backed bonds is decreasing. We have seen a rapid rise in mortgage interest rates over the last 2 weeks. 30 year fixed rates under 4% may be a thing of the past. The payment on a typical $200,000 30 Year fixed rate mortgage today has increased about $72 per month compared to a mortgage closed earlier this spring..

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The increase in rate means some home buyer will only qualify for a less expensive home than they would have been able to purchase in May. The increase in rates has not yet put a damper on the hot housing market, homes priced under $350,000 in the Richmond Metro Market.

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