The bad news is mortgage rates are rising, and the Federal Reserve is expected to hike rates again this week.
Here are four things you should know:
1. Long-term U.S. mortgage rates rose this week, marking new highs for the year. An increase in a key interest rate is expected by the Federal Reserve this week, propelled by signs of strength in the economy. Realtors say now is a good time to consider buying a home to lock in a lower mortgage rate.
2. The average 15-year fixed-mortgage rate is 3.30 percent, up 8 points since last week. The 30-year fixed rate jumped to 4.21 percent on average, up from 4.1 percent last week
According to Bankrates.com, monthly payments on a 15-year fixed mortgage at that rate will cost around $705 per $100,000 borrowed. The monthly payment on a $200,000 loan would be $979 for principal and interest. That’s almost $100 a month more than last July, when the average rate was 3.4 percent, according to Bankrates.com.
3. Mortgage rates have risen for nine-straight weeks following Trump's election in November. But they fell at the start of the year and then moved little in recent weeks.
4. Fed Chair Janet Yellen has signaled that the central bank likely will decide at its policymakers' meeting this week to resume raising its key interest rate, reflecting a strengthening job market and inflation edging toward the Fed's 2 percent target. Yellen also recently said that the Fed expects steady economic improvement to justify additional rate increases.
The Associated Press contributed to this story.
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