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.