Starting next week, bank rates for mortgage loans over $417,500 will be going up about 2-points. Currently, average 30-year mortgage rates are at 4.96%. With the upcoming rate hike, rates will be at 6% or higher.
The cause of the rate hike is due to Fannie Mae and Freddie Mac's latest release that they will only be buying about 10% of the bank's portfolio.
So if you're planning on buying a home, NOW is a great time to lock in your rates.