Interest Rates on the Rise!

What a week in the mortgage market! Fears of inflation hammered long term rates. Fed board members are out fanning the fears of inflation. Oil and gas prices are at record highs.

So naturally, rates on 15 and 30 year fixed rate mortgages have started to rise. In fact, they jumped ½% or more this week alone. It was one of the worst weeks for mortgage rates in the past 20 years. Ouch!

But don't despair. There are options. Some have moved to 5 year ARMs in order to hold the line on rates. Others are considering Temporary Buydowns. And you know what? 30 year fixed rates on conforming and conforming jumbo loans are still in the mid sixes. Not bad from a historical perspective.