Mortgage Rates Are High But Still Historically On The Lower End
It's true, mortgage rates are creeping higher and higher however, a recent report shows that these numbers are still historically low. A new report from The Washington Post took a deep dive into current rates and the contributing factors that have driven them up.
The publication featured an interview with Apex Home Loans CEO Craig Strent who shared some of his reasoning behind the increase in mortgage rates.
"I’m not an economist but basically the recent jump in rates is because of low unemployment, which is indicative of a strong job market, which is indicative of a strong economy," said Strent when asked why he believes mortgage rates are rising, according to the report.
"A strong economy generally results in higher rates. What I often say to people is mortgage rates like small doses of bad economic news. When we get small doses of bad economic news, rates go down. When the economy is roaring, money often comes out of bonds into stocks and rates move in the opposite direction."
In this insightful interview, Strent also shared tips on how he believed folks can get the best interest rate for their mortgage.
To learn more about the current mortgage rates and what factors have contributed to the rise in rates, click on the image above.