Experts Say Lock in Your Mortgage Rates

Mortgage Rates

This year, mortgage rates have been on a rollercoaster. The start of the year saw mortgage rates above 4% for the first time in several years. From January to March, these rates rose steadily with March rates averaging around 4.25%. In our local area, most lenders were much higher with rates averaging around 4.35%. In August, rates dropped just below 4% with most situated around 3.875%.

In September, those rates stayed stagnant initially, but in the last week, they’ve been slowly rising with prospects showing more upward pressure due to low bond trade and too-good-to-be-true-rates, according to Mortgage Daily News. Those familiar with loans and mortgage origination are recommending locking in. Victor Burek of Churchill, shared the following advice with Mortgage Daily News “Time to play defense. FOMC meets this week and are expected to outline terms for reducing their re-investments into MBS and Treasuries. The Fed is a huge buyer of bonds and as they withdraw from buying that will pressure prices lower and yields higher. Until all is known, rates, in my opinion, will find it difficult to improve. The smartest move right now is to lock in. “

While federal has been trending lower most of this year, local banks had been trying to hold onto their higher rates by hanging around 4.15%, but August saw many start giving up ground with rates still above 4% inching down. September is staying roughly around the same rates with many ranging from 4.0 to 4.15%.

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 4.153
Wilson Bank and Trust 4.125
HSBC bank 4.019
Pinnacle Bank 4.022