So, it finally happened… Interest rates have gone up a little bit. To keep this in context they have been at historical lows, but that doesn’t mean that you shouldn’t still want a low interest rate – heck I do! When rates are low prices go up, and when rates are high prices tend to stagnate in growth. So, prices have been a little higher lately due to a longer period of very low interest rates. In a market like central Oklahoma prices don’t really baloon like other markets, so we really aren’t talking about something akin to a housing bubble like you might’ve heard about on the national news (we don’t tend to make the national news outside of weather and football). Well anyway, here are the current rates, and if you have more questions about all of these feel free to contact me, or your mortgage banker, but I would recommend actively educating yourself now if you’re considering a move in the not so distant future.
*This chart below might look like it represents a major spike, but as far as the long term average goes this is not a significant hike. However it does show a trend that must be paid attention to.
|3-month trend||30-year fixed||15-year fixed||5/1 ARM||30-year jumbo|