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Friday, June 28, 2013

Tucson Real Estate Stat of the Week: Loan Rates Leap!

 "Rates take the biggest weekly leap in 26 years!"

Scary headlines, and yes, fixed rate mortgage rates took their biggest weekly jump in 26 years this week, with 30-year fixed rate mortgages (with an average of 0.8 point) rising from 3.93% last week to 4.46%.  15-year fixed rate mortgages rose as well, with this weeks average (with 0.8 point) rising from 3.04% last week to 3.5% this week.

Sounds scary, and yes should be a warning to buyers still sitting on the fence.  With the feds cutting back on the bond buying stimulation plan, rates may continue to rise.

But keep this week's rates in perspective.  The last time 30-year rates were this high was less than two years ago.  So from a historical perspective, these are still pretty darned good rates.   So with rates still relatively low, and Tucson home prices still affordable (our prices haven't taken off like some other markets), Tucson homes are still quite affordable and worth a look. 

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