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From Jason Payne, Market News Analyst…
Did you make a new year’s resolution to get a new mortgage in 2014?
If so, then I’ve got some bad news for you: It’s probably going to be more expensive for you this year than it would have been last year…
…and it’s probably time for you to start getting a little more creative with your resolutions!
(I say this out of love, because somebody had to tell you!)
-smile-
In any case, U.S. mortgage rates have now increased to their highest levels since September, thereby increasing borrowing costs for most homebuyers as prices continue to climb across the country.
As of this morning, the average rate for a 30-year fixed rate mortgage stands at 4.53%, which is 119 basis points higher than last January’s average rate of 3.34%, according to mortgage finance behemoth Freddie Mac.
Similarly, the average 15-year rate stands at 3.55%, up from 2.64% a year ago.
Practically speaking, this means a consumer with a $200,000…
Jason Payne
is a management consultant and founder of the Groundwar Group -- a private consulting firm providing premier corporate advisory and leadership training solutions for business leaders and investors worldwide. Mr. Payne is also the Senior Market News Analyst and a featured "Mindset" advisor for more than 15,000 entrepreneurs and investors at RealEstateMogul.com -- roles he has held since 2013 and 2014, respectively. In these capacities, Jason draws from more than a decade of successful business and investment research on Wall Street to provide insightful commentaries on a wide variety of investing- and leadership-related topics.
Mr. Payne began his career as a research analyst in the award-winning Equity Research department of Morgan Keegan & Company, where at 26 years of age, he became one of the youngest published analysts on Wall Street -- with a specialized focus on real estate investment trusts (REITs). Jason also holds a degree in Finance from New York University's prestigious Leonard N. Stern School of Business, and he is currently completing his professional residency within the Global Leadership Training program of Uruguay's multinational Geronimo Center for Innovation & Leadership.