I came across an interesting article on Realtor.com recently and the title said that interest rates have skyrocketed in recent months. In fact, it stated that the average interest rate for a 30 year fixed mortgage was all the way up to 3.18%. For someone like me, whose first mortgage in 1984 was at a 14% interest rate, this seems like a pretty low flying skyrocket. But it's all relative, and even though interest rates are still at historically low levels, this increase does price some people out of the market. The main culprit, of course, is lack of inventory and the resulting strong sellers market. It's always something! To read the article click on this link.
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