If you were thinking about buying a home and then you need to listen up the average interest rate for a 30 year fixed mortgage as of today is 5.42% per bank rate, which is up 16 basis points from last week in the current real estate market with rising interest rates. If you were pre-approved more than 30 days ago, you need to refresh your preapproval with your lender to make sure that you still qualify with increased rates.
The fed should be announcing another rate increase this week. So if you’re under contract or you have an accepted offer on a home. Make sure that your interest rate is locked. If you’re building new construction, your rate is not locked. Make sure your lender has an extended rate program so that you can lock in an interest rate today.
Before we see more interest rate increases, our lenders do offer extended rate lock programs. It’s important now more than ever to ensure that you’re working with a team of professionals when purchasing your new home.
Call/Text 520-406-2201 for any real estate questions you may have – Joe Your Real Estate Agent
