By Herb Weisbaum, The Consumerman / Jan. 31, 2022
Mortgage rates are up, now at their highest level since March of 2020. And they’re expected to go higher as the Federal Reserve starts raising interest rates to deal with runaway inflation. The Fed has signaled that the first rate hike could come as soon as mid-March.
The average 30-year fixed mortgage is now sitting at around 3.56 percent, according to Redfin. A panel of experts surveyed by Zillow, expects the average 30-year rate to be close to 4 percent by the end of the year.
So, if you’re buying a house, shop around for the lowest rate you can get, and lock it in. If you’re planning to refinance, you need to get going now.
More Info: Higher Interest Rates Are on the Way; Here’s How to Prepare
Financial Focus with Herb Weisbaum
Herb Weisbaum, The ConsumerMan, is the consumer reporter at KNWN Radio, the founder of ConsumerMan.com, and host of the Consumerpedia podcast. You can follow him on Facebook and Twitter.
