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Mortgage Rates Set to Rise in 2017

Matt Lloyd

While starting his career in one of the worst real estate markets in history, Matt saw the endless opportunities available and cannonballed into real .

While starting his career in one of the worst real estate markets in history, Matt saw the endless opportunities available and cannonballed into real .

Jan 29 2 minutes read

Have you been on the fence about purchasing a home? I get it, the thought of relocating or even buying your first home can be enough to make anyone's head spin. But if you are seriously considering buying a home, here's why you should stop dragging your feet and take the leap. 

We have enjoyed historically low mortgage rates for the last 7 years but unfortunately, economists predict a spike in 2017. In recent months, the average rate for a 30-year fixed-rate mortgage has been hovering around 3.54%. Rates have now increased to an average of 4.13% practically overnight due to our recent presidential election. 


What does this mean for a potential homebuyer? Unfortunately, it means higher mortgage payments. Although climbing rates impact buyers the most, sellers are definitely not exempt from the effects. Sellers may not want to risk having a higher mortgage payment in a new home and might forego listing their home for sale. Less sellers = less buyers! 

The best way to be able to make an educated decision is to become educated.  Speak with our mortgage broker Brian Taylor at 860-426-2447 and use the mortgage calculator below to see how even a 1/2% change in the rates can increase your monthly payment.


I don't know what the future holds for 2017, but I do know the clock is ticking on what could potentially be your last shot at a historically low mortgage rate. So what are you waiting for?   

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