Hard to believe it was only 3 days ago that we reported how interest rates had jumped 24% after a 7 straight week run of increases. So far this week they have jumped another 8% up to an average overnight rate for a 30 year fixed rate of 4.58%. Keep in mind this rate is lower than what almost anyone will qualify for so if out shopping for a mortgage expect to pay more.
Rates have not been this high since July 10, 2011 and the wild ride to the upside continues. Back on May 5th if you qualified for a $450,000 mortgage that amount had gone to $407,000 as of last Sunday and as of this morning you now would qualify for $390,000.
No doubt the new reality will have a significant impact on our real estate market as we roll through the summer months…..