Mortgage rates increased slightly last week for the first time since early November, but are still at record lows. The weekly average rates for 30-year fixed mortgages increased to 5.07%, up from 4.96% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com. Rates for 15-year fixed mortgages decreased to 4.86%, down from 4.91% and 5-1 adjustable rate mortgages increased very slightly to 5.56% from 5.55%.
"Sellers are literally giving homes away, " said Ron Henderson with Keller Williams Realty in Kansas City, "and with mortgage rates in Kansas City hovering around 5%, I can't imagine why anyone wouldn't see that right now is the time to buy a new home."
If you're a first time home buyer or considering moving up to a larger home, I hope you'll give me a call at 816-651-9001.
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