Mortgage rates hit 2017 high

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BOWLING GREEN, Ky. (WBKO) -- According to an article from Fortune.com, mortgage rates have risen for a second week in a row, hitting new highs this year.

Coming from mortgage buyer, Freddie mac, the average 30-year mortgage rate climbed to 4.3% from 4.21% last week.

Although interest rates have risen about 3.7% in a year's time, executive realtor Nancy Pinerola says the increase shouldn't intimidate local home buyers.

"This point in time, with as little inventory that's on the market with so many buyers, I don't see it slowing the sale of homes down. Historically they're very low. When I first bought a home, it was 18 percent. It's a great way for the American family and anybody to build wealth, and it's still a great time to buy," Nancy Pinerola stated.

Regarding what's expected for interest rates, the Federal Reserve expects mortgage rates to increase gradually throughout this year and 2018.



 
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