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Mortgage Rates Are On The Rise

Mortgage rates have increased once again with the average 30-year fixed mortgage up 9 basis points and the average 15-year fixed mortgage up 3 basis points.

"A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.39 percent," according to BankRate.

Now, the 30-year fixed mortgage has reached 4.43 percent.

"At the current average rate, you’ll pay $502.53 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $5.31 higher," according to the report.

As mortgage rates continue to shift it is important to note that they are still much lower overall than they were before the Great Recession according to BankRate.

The report suggests that if you’re in the market for a mortgage, now would be the time to lock in a rate if you see one that catches your eye.

To learn more about the increase in mortgage rates as of March 4, 2019, click on the image above.

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