By Heather Listhartke
At the beginning of the year, mortgage rates for the year fell from the previous year to hang around 4.2% across the board, the first time in several years that the rate started above 4%. Unfortunately, with the progression of the year and the incoming of economic changes across the board, the rates have increased sharply in the last month and are projected to continue rising. Last week (with the exception of this past Monday), mortgage rates have risen every single day. Moving from Tuesday, March 7th to Wednesday, March 8, rates made the biggest spike to a new 2017 high.
In just the last week, according to mortgagenewsdaily.com, rates have risen almost a full quarter of a percent for most lenders. While several of the stronger lenders on the national level have risen to 4.25% for top tier scenarios, many of the others have gone to 4.375%. Many working on locking in mortgage rates have lost almost half a percent. In the current trend, the sooner you lock the rate, the better rate you’ll have at this point.
Local mortgage rates have risen right along with the national trend. Since our local area is in a much better economic turn and growth rate as a whole, the levels here are higher than the national average ranging from 4.278% – 4.526% compared to the national 4.25%-4.375% rates. Here’s a look at local mortgage rates, according to bankrate.com, based on a 30-year fixed rate with a loan of 300,000:
|Community First Bank and Trust||4.278|
|Wilson Bank and Trust||4.521|
|Pinnacle National Bank||4.297|
Though trends cannot be fully studied until usually years afterward, many investors are concerned that the lower rate trend that was once the case for much of the last several decades has turned toward a trend of higher rates. The current economic push has been pushing the rates higher with it, and something big and unexpected would have to change the trend back toward lower rates.
* The above mortgage loan information is provided to, or obtained by, Bankrate. The rate is based on 30 year fixed rate mortgage and a loan of $300,000.