LIME REALTY GROUP hasn’t checked the mortgage rate in awhile, but it’s time we did so… And sadly, the party seems to be over.
As of today, the rate for a 30-yr fixed mortgage is 4.65%. For the longest time analysts and economists have warned the rate would eventually rise. And although that horn has been sounding for a long time, it’s finally starting to happen. We’ve moved significantly away from the 4% mark and we’re steadily heading towards 5%.
That’s not to say these rates aren’t incredibly better than they have been in years and considering the rates people were getting just ten years ago… We’re still in a sweet spot!
But it’s not going to last forever. The economy continues to recover and as it goes stronger, the cost of borrowing money increases. These rates will continue to move in the upward direction until they hit a spot that is more or less level.
However, if another bubble forms in the housing market, those rates could inflate and move upward again. But for now, let’s hope they’re heading for a stable resting spot for awhile.
Even though we’re enjoying unprecedented growth in Southern Utah, doesn’t mean the rest of the country is moving as fast. And the rate will reflect the overall speed of growth, not the the one we’re experiencing on a local level. And that’s good for us.
The rate is still prime for first time home buyers. So call Lime today and let’s see if we can help you get out of the inflated rent market in Southern Utah and into a more manageable mortgage. Call today!