• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Mortgage rates rise for the fourth week in a row.

Potential home buyers and homeowners who delayed taking advantage of super-low mortgage rates – think close to 4 percent for a 30-year fixed – may have waited too long.

Rates are creeping back up, in part because of the tax-cut deal in Washington. Now those in the market to buy or refinance have to decide whether to take what’s available or wait – and run the risk that rates will keep rising.

Freddie Mac, the government-backed company that buys and sells mortgages, said Thursday that average rates on 15- and 30-year fixed loans increased sharply from last week. It was the fourth straight weekly rise. Fixed rates had been the lowest in decades.

Rates are rising because they tend to follow the trends set by government bonds, like the 10-year Treasury bond. Investors are selling those bonds, causing their interest rates to rise, because of the deal President Barack Obama and Republicans reached to hold off tax increases in 2011 and 2012 and cut taxes for most Americans.

Some economists think the deal, which would effectively put money in Americans’ pockets right away, will help the economy heal faster. A stronger economy would make stocks more attractive than bonds, which are a safer investment in rocky economic times.

Even though they’re rising, mortgage rates remain at extraordinarily low levels by historical standards. The average rate on the 30-year mortgage rose to 4.61 percent from 4.46 percent last week. It hit 4.17 percent a month ago, the lowest level in the 40 years that comparable records have been kept.

The rate on a 15-year fixed loan, a popular refinancing option, rose to 3.96 percent. Rates hit 3.57 percent last month, the lowest since 1991.

The opportunity to refinance a home loan at a fixed rate of less than 5 percent is still a pretty good deal, and even better for those who are trapped in an adjustable-rate mortgage.

 

Want to explore monthly costs and how much cash you need to purchase a home ?
Drop me a line and I will have one of our preferred mortgage lenders get in touch with you.  John@MrWilliamsburg.com  or you can apply online here 

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