If you’re in the process of buying a home and are working without a rate lock, take notice: over the past two weeks, mortgage rates have spiked to their highest levels since November 2006.
Your actual mortgage payment will be higher than you originally anticipated.
Depending on your preferred mortgage product, rates have increased by as much as one-half of one percent.
Mortgage experts expect the surge to continue over the next 30 days, at a minimum.
If your mortgage pre-approval is dated prior to May 9, call your lender and ask him to re-run it using today’s rates and market conditions. If you don’t have a pre-approval yet, today would be a good day to get one.