Mortgage Rates Are Up. Is It Time To Buy?

As expected, the average 30-year fixed mortgage rate jumped to 4.51% for the seven-day period ending on July 10^th.  That is an increase from 4.29% a week earlier and 3.98% for the second week in June.  The higher rates increased monthly principle and interest payments by roughly 6.5%. The chart at the left illustrates how the increased mortgage rate impacts buyers.

Chart courtesy of the National Association of Realtors’ Economists’ Outlook