Interest Rates Are on the Rise

One of the biggest trends in the mortgage industry in recent months is the rise in interest rates. After reaching all-time lows in 2020, mortgage interest rates have steadily increased, hitting 3% for a 30-year fixed rate loan in early 2022. Although rates are still low compared to historical averages, they may continue to rise as the economy continues to recover from the COVID-19 pandemic. As a result, it’s important to act quickly if you’re considering a home purchase or refinance, as waiting could result in higher monthly payments.