Rates Ticked Up — But Don’t Panic
Mortgage rates moved slightly higher this week, with the 30-year fixed now at 6.15% (up from 6.10% last week). If you’ve been watching the headlines, you might be wondering: is the window closing?
Short answer: No.
This Week’s Rates
- 30-Year Fixed: 6.15%
- 15-Year Fixed: 5.45%
- 5/1 ARM: 5.42%
What’s Driving the Move?
Geopolitical uncertainty (including developments in Iran) has markets on edge. When uncertainty rises, bond yields fluctuate — and mortgage rates follow.
This is normal market behavior. It doesn’t mean rates are about to spike.
The Bigger Picture
These are still the lowest rates we’ve seen since September 2022. Just a few months ago, we were looking at rates well above 6.5%. The fact that we’re still hovering around 6% is significant.
Remember: rates touched 5.99% just last week — the lowest in over 3 years. We’re still in that favorable zone.
What This Means for You
If you’ve been waiting for “the perfect time” to buy, consider this: perfect rarely exists. What exists is favorable — and right now, rates are favorable.
The spring market is heating up. Homes are selling faster. If you’re ready to make a move, The Hoover Home Team is here to help.
Happy Saturday! 🏠
