30-Year Rates Rise After 3 Weeks of Retreat

A jump in interest rates has ended a three-week run in lower borrowing costs, reports Freddie Mac. According to the mortgage finance giant, the average interest on 30-year fixed loans rose to 6.62% this week from 6.59% last week. The rate for the 15-year fixed Nashville mortgages that are common in refinances, meanwhile, floated up to 6.30% from 6.25% over the one-week period. Also on the rise were five-year adjustable-rate mortgages, which nudged up to 6.35% from 6.33%, and one-year ARMs, which bumped up to 5.67% from 5.65%.

With less and less buyers in the real estate market, now is the time to make a move while mortgage rates are still hovering around historic lows. Sellers are nervous, the press is bad, and our market is still positively appreciating. If you are relocating to Nashville, TN, we would love to hear from you!