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Stock Market Roller Coaster is Increasing Mortgage Rates

The stock market has been in a state of limbo and uncertainty with dramatic drops that is now starting a ripple effect on a number of industries. The mortgage industry is being impacted with what looks to be a rise in mortgage rates.

"LThe 30-year fixed-rate mortgage averaged 4.32% for the week ending Feb. 8, up from last week when it averaged 4.22%. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.17%," according to National Mortgage News.

"The 15-year fixed-rate mortgage this week averaged 3.77%, up from last week when it averaged 3.68%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.39%."

While these percentages may not seem drastic at first glance, they do in fact have major impacts on homebuyer decisions. After a couple of years of relatively low mortgage rates, this could mean a continuous rise.

To learn more about how the mortgage rates have been impacted, click on the image above.

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