For homebuyers and homeowners expecting low mortgage rates this week, Tuesday marked the unofficial end to basement 30-year fixed mortgage rates.
According to the market analysts at BestInfo, Inc., the 30-year fixed rate measured its largest one-day movement in more than 10 years Tuesday.
Nationally, 30-year fixed mortgage rates increased 0.375%.
Here is the “real life” impact to mortgage applicants whose mortgage rates were not yet locked:
- $150,000 mortgage: $37 increase to the monthly mortgage payment
- $250,000 mortgage: $61 increase to the monthly mortgage payment
- $300,000 mortgage: $73 increase to the monthly mortgage payment
- $400,000 mortgage: $99 increase to the monthly mortgage payment
ARMs did not move as harshly as fixed-rate mortgages but they still increased Tuesday.
Mortgage rates can change quickly, and often do. Be prepared to lock your mortgage rate and make informed decisions quickly.
The mortgage markets wait for no one.