How are mortgage rates at present?
Current figures for 15-year and 30-year fixed-rate mortgages are 6.78 % and 7.65 %, respectively. When compared to the rates from this time last year, both have risen by a large margin, mainly from increasing interest rates by the Federal Reserve.
Individuals with fixed-rate mortgages will not experience any changes to the interest rates applied to their principal balances. However, those who are planning to purchase a home will have to pay a higher price compared to last year.
