Interest rates, and in turn mortgage rates, have crept up over the past year as the Federal Reserve has made four modest increases to their funds rate. The latest, on March 21st, is anticipated to be the first of three this year with the expectation the rate will have risen by more than 1% by the end of 2019.
This may seem like a dramatic shift but, in the context of interest rate history, rates are still very low and it looks like that will continue for some time yet.
The bottom line? Be aware rates are going to keep rising and your buying power will continue to go down. Be grateful it’s not the early 1980s!