The good news is the U.S. economy is growing with more than 15 million jobs gained this decade following last week’s job report that said 235,000 were added in the first full month of President Donald Trump in office.
Economists say there are no signs of a slow down.
The bad news is mortgage rates are rising, and the Federal Reserve is expected to hike rates again this week.
Here are four things you should know:
1. Long-term U.S. mortgage rates rose this week, marking new highs for the year. An increase in a key interest rate is expected by the Federal Reserve this week, propelled by signs of strength in the economy. Realtors say now is a good time to consider buying a home to lock in a lower mortgage rate.
2. The average 15-year fixed-mortgage rate is 3.30 percent, up 8 points since last week. The 30-year fixed rate jumped to 4.21 percent on average, up from 4.1 percent last week
According to Bankrates.com, monthly payments on a 15-year fixed mortgage at that rate will cost around $705 per $100,000 borrowed. The monthly payment on a $200,000 loan would be $979 for principal and interest. That’s almost $100 a month more than last July, when the average rate was 3.4 percent, according to Bankrates.com.