Rising Interest Rates

PA-PTC-Blog-2018-April-US-Economy-in-Soaring-Interest-Rates

Rising interest rates figure to dent the mortgage refinance market in 2018. The Kiplinger Letter reports that refinance activity is already down, now that the average interest rate on a 30-year fixed-rate loan has hit 4.44%. Expect refis to keep declining in popularity as rates keep rising and make refinancing a less attractive option. For the year overall, ReFi’s will make up only 30% of total mortgage originations … the lowest in 18 years. Higher rates could weigh on home buying as more folks decide to stay put because their current mortgage has a lower rate than what they’d pay on a new loan.

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