Mortgage Rates

January mortgage rates began at a lower rate than the beginning of 2017 by holding steady around the federal average of 3.875%, but the rest of the month was filled with uncontrolled rises to a 3-year high in mortgage rates around 4.5%. Federal reports and mortgage originators reported a poor outlook heading into February due to high rates and high mortgage costs.

While many were hopeful for some positive change as a result of the Employment Situation Report, February began by continuing the upward trend to the highest rates since 2014. The rest of the month didn’t break anymore records, but the rates did continue to rise. By mid-month, it broke the 4.5% trend by moving more than .1% to 4.625%. The last two weeks held steady at that rate, but originators are very untrusting of this trend though they are trying to be optimistic.

Frequent advisor and senior originator, Ted Rood comments on, “I still advise locking sooner rather than later, but there’s a small light at the end of the tunnel. We’ll see if it’s an oncoming train or possible rate stabilization in due time.”

Federal trends last year were trending lower than local trends by as much or more than a quarter percentage point, but January local banks were holding onto the lower rates to average between 4.125% and 4.5%. Local rates in February are varying widely with many still holding steady at the lower rates around 4.125% and many more moving higher towards the national 4.625% rates.

Here’s a few local mortgage rates, according to, based on a 30-year fixed rate with a loan of 300,000:

Bank Rate
Community First Bank and Trust 4.125%
US Bank 4.5%
HSBC bank 4.493%
Wilson Bank and Trust 4.625%
Fifth Third Bank 4.625%


This article is brought to you by Susan Gregory of Parks Realty. Susan Gregory has been a full-time Real Estate agent for 21 years. If you’re looking for a new home or selling yours, contact Susan Gregory at (615) 207-5600 or (615) 300-5111 and visit