Real Estate News

Mortgage rates up in week of January 16

Published: 21 Jan 2017

Mortgage rates may have changed just slightly recently, but they still could command onlooker attention for new home buyers or anyone with an interest in refinancing. Bankrate reported that there has been a noticeable difference between December and January alone when it comes to the rates for both 15 and 30-year fixed mortgages. 

Of these, the source said that rates for the former increased by 3 basis points within a week, while the longer term mortgage rate was up by .01 percent compared to the previous month. Meanwhile, the Adjustable Rate Mortgage remained unchanged, although the source did say that rates for this type usually increased after the first loan adjusted.

While this might seem like a small detail, the changes in rates do impact home buyer expectations, even if the overall payment is still relatively the same. It's still early enough, though, that some of the predictions regarding the near future of mortgage rates still have yet be proven.

Total Mortgage reported on this earlier this month, asking where rates will go in 2017. At the time, the source noted that mortgage rates were actually down, but this didn't preclude the general forecast for 30-year fixed mortgage rates to go up, perhaps over the course of the entire year. Based off of this information, new buyers may prefer to monitor rates closely and simply buy in when the numbers are in their favor.

With this fluctuation, the amount of variables affecting purchases could seriously challenge new owners-to-be. The response can be title insurance, fit for the property and set to defend against improper claims against ownership. Whether the mortgage is for a new or old property, the necessary protection will leave owners within the boundary of the law and with the extra support they need.