Mortgage rates have gone up.

They have gone up over a point since April. But it’s not going to get any better, and it will most likely get a lot worse.

Why is the Fed raising rates?

High inflation — consumer prices rose in May at the fastest pace in 40 years — will likely force the Fed to raise interest rates several more times in the coming months. Fed officials may even resort to additional large rate increases in a bid to cool off inflation.

Therefore, if you are considering purchasing a property any time soon, now is the time to do it, and in doing so, you will save thousands of dollars in interest  that you would have paid if you had waited to apply for a loan.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.