We’re here with your regular Mortgage Rates update for quarter one! 

We’ve seen the pandemic alter a lot of things, mortgage rates (the rate of interest charged by mortgage lenders) included. Rates have been lower than we’ve ever seen them in the past year because of COVID-19, which gave buyers an incredible advantage when purchasing. What we didn’t expect, however, is to see mortgage rates begin to bounce back already! We have started to see a rise in mortgage rates that might be a bit concerning to you as a buyer, especially if you’ve already been looking for a new home for a long time. Before you get too concerned about rising mortgage rates, though, let’s break things down a little bit.

We want to spend some time to give you a little clarity about the ‘rising mortgage rates’ we’ve been seeing. Here’s a graph that shows the mortgage rates in this week every year for the last few years:

As the graph shows above, it is still a great time to buy a home! While interest rates may have risen, that’s all relative to what they were a few months ago. Don’t let rising rates scare you off, because in the grand scheme of things they are still very low.

If you’re thinking of starting your home search in MA, reach out to us! We can set you up with a mortgage broker, and get you an updated lists of open houses in your ideal area to check out this weekend. 

Outside of MA? No stress, reach out anyways! We can put you in touch with a great realtor no matter where you’re located.