The 30 year fixed mortgage rate rose to its highest level in two years. The Feds multi stimulus programs which have kept lending rates low to help stimulate businesses and homeowners alike to borrow money for purchases and for improvements have slowly come to an end. The policy has kept Boston mortgage rates at record lows for most of the past 5 or so years.
Mortgage rates have gone up more than 36% since May when the 30 year rate was at 3.35%.
“If you were considering buying a home, rates aren’t going to get much better any time soon” said Erin Lantz, director of mortgages at Seattle based Zillow.com. “Buying sooner rather than later makes good sense.”