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Average 30 Year Mortgage Interest Rate Rises Almost A Full Percentage Point In A Year |
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 About a year ago, on February 11, 2021, the average 30 year fixed mortgage interest rate was 2.73%. A few days ago, on February 10, 2022, the average rate was 3.69%. So, yes, rates are rising, which means mortgage payments are rising for anyone who is not paying cash. In other words, for most home buyers. For example, if you were financing 90% of your $300K purchase...
But if you were buying a $300K home a year ago, given roughly the 10% increase in the median sales price over the past year it would be a $330K home today. So it's really more like...
The cost of housing is certainly increasing rather quickly right now given increasing prices and increasing mortgage interest rates! | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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