{"id":2322,"date":"2018-05-23T10:00:43","date_gmt":"2018-05-23T10:00:43","guid":{"rendered":"https:\/\/thezakariagroup.com\/why-have-interest-rates-jumped-to-a-7-year-high\/"},"modified":"2018-05-23T10:00:43","modified_gmt":"2018-05-23T10:00:43","slug":"why-have-interest-rates-jumped-to-a-7-year-high","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/why-have-interest-rates-jumped-to-a-7-year-high\/","title":{"rendered":"Why Have Interest Rates Jumped to a 7-Year High?"},"content":{"rendered":"
\n

\"Why<\/p>\n

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according<\/a> to Freddie Mac<\/em>. The current pace of acceleration has been fueled by many factors.<\/span><\/p>\n

Sam Khater, Freddie Mac\u2019s Chief Economist,<\/em> had this to say<\/a>:<\/p>\n

\n

\u201cHealthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.<\/em><\/p>\n

Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.\u201d<\/em> <\/strong><\/p>\n<\/blockquote>\n

But what do gas prices have to do with interest rates?<\/strong><\/h4>\n

Investopedia<\/em> explains the relationship<\/a> like this:<\/p>\n

\n

\u201cThe price of oil and inflation are often seen as being connected in a cause-and-effect relationship. As oil prices move up<\/strong> or down, inflation follows in the same direction<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

You may have noticed that filling your gas tank has become substantially more expensive in recent months. The average national gas price<\/a> has climbed nearly $0.50 from the beginning of the year, leading to the highest price for Memorial Day weekend since 2014.<\/p>\n

As rates go up, your purchasing power goes down, but don\u2019t worry; rates are still well below the averages we\u2019ve seen over the last four decades<\/a>.<\/p>\n

\n

\u201cFreddie Mac said this year\u2019s higher rates have not yet caused much of a ripple in the strong demand levels for buying a home seen in most markets, but inflationary pressures and the prospect of rates approaching 5 percent could begin to hit the psyche of some prospective buyers.\u201d<\/em><\/p>\n<\/blockquote>\n

Buying sooner rather than later will help lock in a lower rate than waiting, as the experts believe rates will continue to climb. Even a small increase in interest rates can have a big impact on your monthly housing cost.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you are planning on buying a home this year, keep an eye on gas prices the next time you\u2019re at the pump. If you start to feel a big jump in price, know that rates are probably on their way up, too.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors. 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