Mortgage rates jumping by end of year

Medford, Ore.- If you’re looking to buy a home this year, there may be some big changes coming your way.

While home prices across Oregon have been on the rise for years, now your mortgage rates may start jumping, too.

Currently, the 30-year fixed mortgage rate is sitting at 4.5 percent, but that could increase half a percent by the end of the year.

“That can have a significant impact on your payment so buyers are having to re-calibrate the price range of homes they can shop for. So they are probably having to dial back their expectations based of the increase in interest rates. In some cases that can create a sense of urgency, ‘well maybe I should buy now before it goes any higher,’ so it’s kinda a catch 22,” said Colin Mullane, Rogue Valley Associations Realtors.

Mullane says so far its been a busier season than last year this time.

He’s says there are more buyers and they’re snatching up properties faster than in the past.

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