Iowans who are considering buying a home might want to get moving. Mortgage rates hit a four-year high Thursday at around six-point-six percent. Financial advisor Elliot Zunich says rates will probably keep going up, too. Zunich says “I think they bottomed out last year. It’s like a ball, you know, it goes down so far then it comes back up.”
Zunich says rates rose three separate times Thursday. Usually, they only change once during the day and even that only happens about once a month. He says it’s frustrating for people who are in the middle of the home-buying process.
Zunich says “I remember buying a home on a no-down V-A at 11-and-a-half and thought I had a bargin. So six and-three-quarters, six-and-five-eighths sounds like a real bargin to me today but tell that to someone that’s been shopping since last year when rates were like 5-and-a-half, five-and-three-quarters.” He says wanna-be home buyers should get going on the process as he doesn’t expect rates to go down anytime soon.