Mortgage Rates Spike to End 2016

Posted from: http://www.zillow.com/blog/rates-spike-to-end-2016-208506/

Mortgage rates have spiked 0.5 percent since the U.S. presidential election earlier this month. On a 30-year fixed loan of $300,000, this increases your monthly payment by $85.

If you were waiting to refinance, this is a wake up call, and if you plan to buy a home, it’s time to reevaluate your budget – because rates are unlikely to drop.

Let’s review what happened, and where we go from here.

Why rates are rising

Rates rose after Donald Trump became president-ele…

Posted from: http://www.zillow.com/blog/rates-spike-to-end-2016-208506/

Mortgage rates have spiked 0.5 percent since the U.S. presidential election earlier this month. On a 30-year fixed loan of $300,000, this increases your monthly payment by $85.

If you were waiting to refinance, this is a wake up call, and if you plan to buy a home, it’s time to reevaluate your budget – because rates are unlikely to drop.

Let’s review what happened, and where we go from here.

Why rates are rising

Rates rose after Donald Trump became president-ele…

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