{"id":1534,"date":"2021-03-09T13:12:57","date_gmt":"2021-03-09T13:12:57","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1534"},"modified":"2021-03-09T13:12:57","modified_gmt":"2021-03-09T13:12:57","slug":"upset-3-mortgage-rates","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/upset-3-mortgage-rates\/","title":{"rendered":"How Upset Should You Be about 3% Mortgage Rates?"},"content":{"rendered":"
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How Upset Should You Be about 3% Mortgage Rates?<\/p><\/div>\n

Last Thursday,\u00a0Freddie Mac<\/em>\u00a0announced<\/a>\u00a0that their 30-year fixed mortgage rate was over 3% (3.02%) for the first time since last July. That news dominated real estate headlines that day and the next. Articles talked about the \u201cnegative impact\u201d it may have on the housing market. However, we should realize two things:<\/p>\n

1. The bump-up in rate should not have surprised anyone<\/strong>. Many had already\u00a0projected<\/a>\u00a0that rates would rise slightly as we proceeded through the year.<\/p>\n

2.\u00a0Freddie Mac<\/em><\/strong>\u2019s comments about the rate increase were not alarming<\/strong>:<\/p>\n

\u201cThe rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.\u201d<\/em><\/p><\/blockquote>\n

A \u201cmuted<\/em>\u201d rise in rates will not sink the real estate market, and most experts agree that it will be\u00a0\u201ca strong spring sales season<\/strong>.\u201d<\/em><\/p>\n

What does this mean for you?<\/strong><\/h4>\n

Obviously, any buyer would rather mortgage rates not rise at all, as any upward movement increases their monthly mortgage payment. However, let\u2019s put a 3.02% rate into perspective. Here are the\u00a0Freddie Mac<\/em>\u00a0annual\u00a0mortgage rates<\/a>\u00a0for the last five years:<\/p>\n