What Are Interest Rates Doing These Days?

Dated: April 26 2023

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Mortgage interest rates have been a hot topic in the real estate industry in recent weeks. As of mid-April 2023, the average 30-year fixed-rate mortgage was at 3.48%, according to Bankrate. However, these rates are not static and can change quickly. In this blog post, The Hamilton Koch Team from RE/MAX Realty Professionals, Inc. in Harrisburg, PA, will provide an overview of what mortgage interest rates have been doing recently.

Over the past few weeks, mortgage interest rates have been somewhat volatile. After reaching historic lows in 2020, rates have been gradually rising in 2023. However, rates dropped briefly in March before rebounding in early April. The increase in rates can be attributed to several factors, including an improving economy, rising inflation, and an increase in bond yields.

While rates have been rising, they are still at historically low levels. This means that borrowing money to purchase a home is still relatively affordable. However, it's important to note that even small changes in interest rates can have a significant impact on your monthly mortgage payments and overall affordability.

For those who are considering purchasing a home, now may be a good time to do so. Rates are still low compared to historical averages, and the real estate market in Harrisburg, PA, is currently a seller's market. This means that there is high demand for homes and limited inventory, which could lead to increased competition and rising prices in the future.

However, it's essential to work with a trusted real estate agent and lender who can help you navigate the current market conditions and find the best mortgage options for your specific needs. They can also help you take advantage of current interest rates and secure a mortgage that fits within your budget.

In conclusion, mortgage interest rates have been somewhat volatile over the past few weeks, but they are still at historically low levels. For those looking to purchase a home, now may be a good time to do so, but it's important to work with experienced professionals who can guide you through the process. Contact The Hamilton Koch Team from RE/MAX Realty Professionals, Inc. in Harrisburg, PA, today for expert guidance on the local real estate market and mortgage options.

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Rob Hamilton

I’ve been through all stages as a homeowner - from the young professional's pad to a young family home to a forever home for a family of 5! I pride myself in relating to exactly what my clients want....

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