Interest rates rose again last week November 15
Mortgage rates rose again last week based on reports that the economy is improving and also based on growing speculation that the Federal Reserve will take measures to slow the stimulus efforts.
Rates for a 30-year fix rate mortgage are up to 4.35 percent, this is the highest that rates have been in the since September 30, 2013, up from 4.16 percent.
The average 15-year rate rose to 3.35 percent up from 3.27 percent.
If we have learned anything from history it should be that we don’t need to fear spikes in interest rates. History has shown us that rising mortgage rates won’t necessarily slow down home sales or have a negative impact on home prices.
A study was done from October 1998 to May 2000. Mortgage rates went from 6.7 percent to 8.5 percent and there was no impact found on home prices during that period. (source Fannie Mae)
“What we see through the ups and downs of rate changes is that sellers are reluctant to lower prices,” Mark Palim, who led the Fannie Mae study, told CNNMoney.
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