It's worth noting that while mortgage rates are screaming higher, we are coming off historic lows. Mortgage rates for 30 year fixed rate loans bottomed out around 4.85% nationally in March and April. In New York rates bottomed out around 4.97%. In the last two weeks mortgage rates have jumped from about 5.1% to 5.74% in New York State. This is the highest level of 2009 and right at the bottom of the range for the last 4 years.
If rates continue to climb much higher (another 1% or so), we'd have the highest mortgage rates in nearly 8 years.
You can see a chart of the 6 month chart of NYS mortgage rates here....
Cheers!
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