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Lets discuss what everyone is talking about…Are Mortgage Rates Going Up? Hey there, Jenevieve Croall here with JLUX Homes. You may have heard the news – the Federal Reserve announced that they’re going to be raising rates very soon, possibly as early as March, with more rate increases likely to follow later in the year.While everyone’s been so focused on supply chain issues, the infrastructure bill, and rising prices, the Fed has decided to hike interest rates to match the recovery in the jobs market and in an attempt to combat inflation.So, what does this mean for mortgage rates? Will they increase?Probably, but it’s hard to say. Mortgage rates don’t usually rise in tandem with the Fed’s rate increases, not in the short-term anyway – and especially when inflation is as high as it is.But that’s not to say your mortgage rates won’t feel the effect of a rate hike now in the longer run. Only time will tell.Let’s not forget though – borrowing costs are still at all-time lows at the moment, so taking out a mortgage for a new home is still very affordable.If you’re looking to buy but aren’t sure what the market will do in the next couple of months, I’ll help you understand how things are shaping up. Chat with me, and we can explore the options you have as well as how the Fed’s recent decision will affect you.

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