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Mortgage Rates Climb to 2017 High

March 15th, 2017 · No Comments · Hope Ranch Real Estate, Montecito Real Estate, Santa Barbara Real Estate

Mortgage rates climb to 2017 high. Rates have hit their highest point so far this year, although one analyst predicts that even signifcant gains in the years ahead won’t likely slow down the housing market.

Freddie Mac says that 30-year, fixed-rate mortgages averaged 4.21 percent for the week ended  March 9, up on both a weekly and year basis. Fifteen-year, fixed-rate mortgages averaged 3.42 percent, also higher than the previous week and year.

But even if mortgage rates were to rise to 7 percent, home sales should remain consistent. Writing for Forbes, National Association of Realtors’ Chief Economist Lawrence Yun forecasts that there will be about 6 million home sales per year over the decade, while cautioning that an unforeseen recession with substantial job losses could derail that prediction.

Mortgage Rates as of March 17, 2017 from Wells Fargo: 5/1 Adjustable: 4.125% * 30 year fixed rate Jumbo: 4.25%

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