February 2022   Blog Home   Contact

John McClintock Team

Mortgage Rates Nearing 4%

Borrowing costs are climbing: The 30-year fixed-rate mortgage rose to a 3.92% average this week, Freddie Mac reports.

“Mortgage rates jumped again due to high inflation and stronger than expected consumer spending,” says Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential home buyers, especially as inflation threatens to place a strain on consumer budgets.”

As of now, however, the rising rates are sparking an urgency rather than a pause among house hunters, Nadia Evangelou, National Association of REALTORS®’ senior economist and director of forecasting, writes on the association’s blog. “Buyers are rushing to lock in lower rates as the outlook is for even higher mortgage rates in the following months,” she notes. Mortgage rates are still low by historical standards.

Freddie Mac reports the following national averages for mortgage rates for the week ending Feb. 17:

Source: National Association of Realtors, Realtor Magazine

Are you considering selling and/or purchasing a home across Bucks, Montgomery, Delaware, Mercer, Burlington or Phialdelphia? More than ever, you need expert, professional representation. Before you consider purchasing a home or list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing.

john mcclintock team

Information is deemed reliable but not guaranteed.