While 2017 mortgage rates ranged widely from 3.875% to as high as 4.35%, the year ended with rates averaging around 4.0%. 2017 proved overall to be a good year for mortgage rates despite an expectation and push for higher rates after the election. However, lower rates are not largely indicative of the market.
We began the first market day in January by holding steady around the federal average of 3.875%, but the rest of January was a roller coaster for mortgage rates with a somewhat uncontrolled rise to the highest rates in more than 3 years. Just after the first week of the new year, we were at a 6 month high, shooting rates to 4.125%. By mid January, we were up to 4.375% and at the end of the month, rates were still on uncertain grounds, but holding steady around 4.5%.
“Rates are now officially at the highest levels in more than 4 years. The average lender is in the mid 4 percent range when it comes to quoting conventional 30yr fixed rates for well-qualified borrowers,” reports Mortgage News Daily.
Here’s a look at a few 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||4.12%|
|Fifth Third Bank||4.50%|
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 homesaroundnashville.com.