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Mortgage Rates Rise Slightly

August 5th, 2017 · No Comments · Mortgage Information, Santa Barbara Real Estate

Expectations for the economy are improving, and GDP is expected to rise by a healthy amount this quarter.  However, fears still remain, and this has kept mortgage rates relatively flat. Over the past week, mortgage rates increased to 3.93%. This is an increase of just one basis point (0.01%) from the previous week, so it’s possible that rates actually decreased in some areas around the country. While a lot of points can be made about mortgage rates increasing this past week, the truth is that rates are likely going to remain near their current levels for the time being.

Currently, there are plenty of factors that could be forcing mortgage rates higher. The Fed has been raising their rate and they plan on selling back their bonds. Both of those actions can increase mortgage rates. Also, the economy is doing well. Generally speaking, the better the economy the higher rates are. But investors are being cautious with rates, and this can be an advantage for home buyers. As long as investors continue to worry about the future of rates, mortgage rates should continue to hold near lower levels. With rates hovering around their current levels, home buyers may want to check to make sure that the rates available to them now haven’t changed by much.

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