Yes, Rates are raising in Wilmington, NC
Rising rates seem to be on everyone’s mind. And rightly so. Mortgage interest rates on a 30-year fixed rate loan crossed the 4 percent threshold this week in Bankrate’s weekly survey, moving up more than 30 basis points.
But this isn’t cause for panic or concern. If anything, this is a positive trend for Movement as rising rates are an indication of economic health, improved growth expectations and a shift to purchasing homes instead of refinancing. An economy that favors buying over refinancing is a good thing for our business and part of our long-term business model.
Rates have been on a steady climb for months now, albeit by small, incremental amounts. And while rates have reached levels close to 52-week highs, I’m confident the increase won’t create a big market backlash since they’re still near historic lows.
I like what Elizabeth Rose, Movement’s branch manager in Dallas, told Bankrate this week: “Let's face it, rates are still unbelievably awesome. So lock your rate and be happy with it."