Urban Real Estate

Yes, Mortgage Rates Are Up, No, The Sky Is Not Falling

Yes, Mortgage Rates Are Up, No, The Sky Is Not Falling

It's been well documented that mortgage rates have climbed each week since the presidential election and are, today, at their highest level in nearly a year and a half. 

But perspective is important.

A new study out from Zillow points out that even with rates rising, they remain at historic lows and that the difference in the average buyers monthly payment in all major markets between 4 percent and 4.25 percent would be less than $100 and in many markets the increase would be less than $50.

In Chicago, that increase on a home valued at $200,000 would be just $23 a month.

Read more at Chicago Agent Magazine here.