Are the glory days of interest rates below 5% over? Well, for now they seem to be. After months of hovering at or just below the 5% mark, they are now consistently up. The average rate that is being forwarded to me today show rates at 5.25%.
According to the National Association of Realtors, the increase is due to worries about inflation as the economy improves. If you are considering buying or refinancing, this might be the right time to talk to a local lender and make that move!
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