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Why Are 30-Year Mortgage Rates So Popular?

This last week the interest rate on a fixed-rate 30-year mortgage rose a very small amount, so it now sits at 4.86%. Despite being a slight increase when going week-to-week, this is nearly a full point higher than the interest rates on the same mortgages a year ago says Freddie Mac.

These higher interest rates change the entire home buying process, particularly the part where potential purchasers weigh out the real costs of borrowing from lenders. In fact, some real estate markets have begun to see dips in both prices and sales because of rising interest rates.

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Are Rising Mortgage Rates Scaring New Buyers?

It comes as no surprise that rising mortgage rates are impacting purchasing power. A recent study released by Realtor.com shows just how much monthly home loan payments are rising – and the results aren’t very pretty.

Rising costs are obviously restricting the ability of many potential purchasers to afford a new home of their own. Others are being scared away from taking on a home loan thanks to an unstable market. The question becomes if rates continue to rise, will homeowners really be able to afford their loans?

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Now Is A Good Time for A Mortgage – Rates Are Dropping!

The rates of long-term mortgages in the United States fell once again this week. This follows a trend which has encompassed five of the previous six fiscal weeks. While the drop may not be jaw dropping, it does bring a modicum of relief to those who are currently in the market to purchase a new home.

Although interest rates are dropping, they are still higher than they were at this time in the previous year when they sat at 3.96 percent. Currently, even with the downward trend, rates are sitting at just over four and a half percent. Shorter, 15-year fix rate loans are lower than the previous year – if just barely. Today they sit at 3.99 percent, whereas last year they sat at just over four percent.

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Is a Trump Presidency Driving Up Mortgage Rates?

People are up in arms (or celebrating) the fact that Donald Trump is the United States president-elect. However, it hasn’t just affected the people; it’s also had a stunning impact on mortgage rates. They’ve spiked since the election results were announced, and they’re continuing to climb.

MBS Movement Following the Election

In the weeks after Trump was elected, MBS (Mortgage-Backed Securities) lost well over 240 points in very short order. Keep in mind that MBS points and mortgage rates move opposite of one another. Whenever MBS prices climb, overall mortgage rates – and the amount of money consumers ultimately pay – go down. However, with MBS falling significantly, mortgage rates are doing the opposite. A 240-point drop is equal to a .5% increase in rates. They’re still going up, and they’re going up quite a bit. As of mid-November, mortgage rates had climbed to the highest they’d been since January of this year.

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