Mortgage Rates increase again to highest rate in 14 years

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Average mortgage rates more than doubled from last year

Roseville, California – Over the past week, the Federal Reserve raised the short-term interest rate by three-quarters of a percentage. Although mortgage rates are not directly linked to the federal funds rate, the 30-year average fixed interest rate has risen to a 14-year high.

This rate increase by the Federal Reserve is the fifth time this year that it has taken measures to curb inflation and has affected mortgage rates. according to Freddy Mac The national average is 6.29 percent for a 30-year fixed-rate loan, which is more than double the rates a year ago.


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Roseville patron today


Roseville window cleaning services

Paul Black’s window cleaning services. Serving Northern California for over 30 years. Clean windows and solar panels. Fully insured and bonded. commercial residential

www.paulblacks.com



Roseville patron today


Roseville window cleaning services

Paul Black’s window cleaning services. Serving Northern California for over 30 years. Clean windows and solar panels. Fully insured and bonded. commercial residential

www.paulblacks.com



Roseville patron today


Roseville window cleaning services

Paul Black’s window cleaning services. Serving Northern California for over 30 years. Clean windows and solar panels. Fully insured and bonded. commercial residential

www.paulblacks.com


The rapid increase in mortgage rates is slowing home sales and demand. It also slows down the rise in home prices. Home sales fell nearly 20 percent in August from a year earlier, a direct result of higher mortgage rates.

Currently, we have several listings. One of the most common things we hear from potential buyers is that even though we want a new home, we can’t walk away from our low-interest loan.

Purchase interest rate

Buyers have a tool that can be used to help in this high-priced market where sellers are willing to negotiate. We have successfully negotiated to have the seller offer a credit that the buyer can use to “buy” the interest rate. A negotiated seller’s credit of $4,000 will reduce the purchase interest rate by a full percentage on a $400,000 loan (1 percent of the loan amount). Buyers who are planning to buy a home and plan to stay in it for more than 5 years should consider using their money to buy a home at a lower price.

jolly gallon

Realtor Jolly Gallon

If you have any questions about buying or selling a home in the current market, feel free to reach me at Magnum One Realty Office in Roseville at (916) 899-6571 by email to [email protected] I will be happy to answer your questions.

We specialize in catering to the needs of buyers and sellers of homes in the Sacramento area including Sacramento, Placer, Eldorado, Sutter, and Yuba counties.

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