Interest Rates on the Rise

My lender buddy, Wendy McDermott, warns that rates are on the rise. She advises that buyers who are currently under contract to buy a home should speak to their lender and find out if they have locked their interest rate. Obtaining proof that you have an interest rate locked is a good idea when rates are on the rise. Sometimes lenders will “float” the rate in the hopes that they will actually go down again, but we are now in an upward trend so this could be a risky idea. A few weeks ago, we were in the mid 3 percents, now rates are at about 4.25% for 30 year fixed. That is quite a jump.