Why mortgage rates are going up?

There are a few reasons why mortgage rates might be on the rise. One reason is that the economy is improving, which means that more people are buying homes and competing for loans. This increased demand can cause rates to go up. Additionally, the Federal Reserve has been gradually raising interest rates, which also affects mortgage rates. Lastly, home prices have been increasing, meaning that lenders are less likely to offer competitive rates. However, even though rates are rising, they are still relatively low compared to historical averages. As a result, now may still be a good time to buy a home.

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Michael Solomich

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