As claimed by Bloomberg.com, the average 30 Year mortgage rate is 3.35 percent. This is compared to Guaranteed Rate which is consistent at 3.250% this week.
Why are prices getting higher? Chicago Agent Magazine has some thoughts on why. The main reason is the supply of houses last year was high. With less on the market, the demand is continuing to grow. We are seeing huge jumps in closings and homes under contract. Also mortgage rates are becoming gradually affordable. Buyers and sellers, don’t get downcast about not getting that “special price,” keep going!