Mortgage interest rates started their steady rise at the beginning of the year and have continued to inch up ever since. According to Freddie Mac’s Primary Mortgage Survey the 30 year fixed rate reached its 2022 peak of 5.81% about a month ago and then dipped back down before inching back up and settling this week at 5.54%. Where do rates go from here? Nobody seems to know, but rates are still historically low and some serious buyers are moving to adjustable rate products like the 5/1 ARM which averaged 4.31% this week. Talk to your mortgage consultant about how long you intend to stay in your home; an adjustable rate mortgage may make financial sense for you.
