Why 3% Interest Will Soon Be a Thing of the Past

In the past month, rates have been on the rise and they are expected to continue to climb.

This week, the average rate on a 30-year fixed-rate mortgage jumped another 10 percentage points to 3.91% and are up from 3.3% in early May, according to mortgage giant Freddie Mac. Meanwhile, those seeking a 15-year loan received an average rate of 3.03%, up from 2.56% — a record low.

“It’s unlikely that rates will ever be that low again,” said Doug Duncan, Fannie Mae’s chief economist.

Those who didn’t take advantage of record-low rates have missed the boat — at least for now.  However, for some of you that are in the high 5% interest rate (and up); or have an adjustable rate, it’s not too late to still refinance now.

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About B.Richrealty and Mortgage

B. Rich Realty and Mortgage was founded by Ramona "Bing" Rich, who has over 20 years experience in the real estate field. B.Rich Realty’s goal is simple– a) to help individuals and families find a house and a loan that is compatible to their current financial profile; 2) to assist sellers maximize profit from the sale of their property and be assured that they have the optimum representation; 3) most important, maintain compassion towards our clients, which guarantees that we meet their needs first before ours. We are a continuum of care and service.
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