It was bound to happen. Rates can’t stay low forever. Hopefully you’ve already taken advantage of the historically low rates. For example:
A typical 30-year fixed-rate home loan at Louisville-based Stock Yards Bank & Trust carried a 5.875 percent rate Friday afternoon, a full percentage point higher than it was May 21. The difference: consumers locking in a $100,000 mortgage at the higher rate now would face $62 in higher monthly payments.
It’s not to say rates might not drop back down towards 5% but if you’re seriously considering a move, I’m advising my clients to move quickly at this point.