Although the beginning of this year saw mortgage rates lower than the beginning of 2017, uncontrolled rises led to a 4-year high with rates leveling out around 4.625% in February.
After the steady rise in February, March began with a promising drop. While there was a short period of steady rates through the first half of the month, the rest of the month showed a trend of moving steadily lower.
Moving into the beginning of April, after the job report, rates are continuing lower for the time being. Unfortunately, with the expectation of the Consumer Price Index, Matthew Graham, an operation manager for Mortgage News Daily, says “Investors are on the edge of their seats over the possibility of an increase in inflation. If it happens, rates will likely snap back into the higher range seen in March. If inflation stays flat or if it stumbles, recent rate resilience could get a second wind.” Likely, floating is not a risk most would take right now. The current national rate is around 4.5%.
Here’s a few local mortgage rates, according to bankrate.com, based on a 30-year fixed rate with a loan of $300,000:
|Bank of America||4.559|
|Wilson Bank and Trust||4.625|
|Fifth Third Bank||4.625|