Mortgage rates rise to 3.88% | North Salem Real Estate

 Here’s how mortgage rates have changed this week The benchmark 30-year fixed-rate mortgage rose this week to 3.88 percent from 3.77 percent, according to Bankrate’s weekly survey of large lenders. The rise in rates may be partly due to constrained capacity at the nation’s mortgage lenders, which are coping with a more than four-fold increase in applications as rates have plunged during the coronavirus pandemic.

The rates that Bankrate collects each week are national averages from larger lenders in big cities. You will probably be able to find rates lower than these averages by shopping a variety of lenders and being persistent when your phone calls to lenders take longer to be answered. Need a loan ? read the information of, you can find everything regarding loans and lenders.

Keep in mind that mortgage closings are being extended as all phases of the process are overwhelmed with additional work. For a new mortgage, it’s wise to request an interest rate lock of at least 45 days and preferably 60 days. Locks aren’t free–the longer the lock, the higher the rate you will be quoted.

These are extraordinary times for homeowners, homebuyers and lenders, so please be patient. Bankrate is here to help, with news, data and information about all aspects of mortgages and real estate, just visit <!–td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}–>
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