<meta name="GENERATOR" content="OpenOffice.org 2.4 (Win32)" /><br /> <style type="text/css"> <!-- @page { size: 8.5in 11in; margin: 0.79in } P { margin-bottom: 0.08in } --> </style> <p style="margin-bottom: 0in">Knoxville area mortgage rates surged this past week to a nationwide average 6.42% for the most common 30 year fixed rate.</p> <p style="margin-bottom: 0in">That was a sharp increase from the 6.32% the previous week and some see it as a signal the Federal Reserve has shifted it’s focus from preventing a recession to controlling inflating inflation.</p> <p style="margin-bottom: 0in">The 15 year mortgage also increased; from 5.93% last week to 6.02%.</p> <p style="margin-bottom: 0in">These levels are the highest Knoxville and nationwide mortgages have been to since September 27<sup>th</sup> of 2007!</p> <p style="margin-bottom: 0in">So what does that mean for Knoxville and Farragut Tennessee homebuyers?</p> <p style="margin-bottom: 0in">According to the latest sales figures from the Knoxville Area Association of Realtors the median price paid for a 3 bedroom home in Knoxville was $184,700. If you buy the median priced home with FHA financing and pay the minimum 3% down that means you would be getting a loan for $179,100.</p> <p style="margin-bottom: 0in"><img title="knoxville tennessee area homes for sale, call Jim Lee, Knox Co0u " alt="knoxville tennessee area homes for sale, call Jim Lee, Knox Co0u " src="http://i92.photobucket.com/albums/l4/jamesleetn/gracefully.jpg" /></p> <p style="margin-bottom: 0in">At 6.42% interest your monthly Principal & Interest only payment would be $1,122.63.</p> <p style="margin-bottom: 0in">If rates continue their rise as lots of savvy financial folks predict they will we could be seeing 7+% interest rates this fall.</p> <p style="margin-bottom: 0in">At 7% your monthly P & I only payment on your $179,100 loan would jump up to $1,191.56 which means you be paying another $68.93 a month or a whopping $24,813 over the life of your loan.</p> <p style="margin-bottom: 0in">If you’re one of the ‘fence sitters’ waiting for rates to come down, my suggestion to you is to run, don’t walk, to your computer or phone me at 693-3232 or email <a title="email Jim Lee, Knoxville, Tennessee Realtor" target="_blank" href="mailto:Jim@JimLee.com">Jim@JimLee.com</a> and let’s get started finding you a home today.</p> <p style="margin-bottom: 0in">Tomorrow will almost certainly cost you more money not to mention the increase in the price of Knoxville and Farragut area homes.</p> <p style="margin-bottom: 0in"><img title="knoxville tennessee relocation farragut maryville oak ridge loudon lenoir city jim lee knoxville realtor" alt="knoxville tennessee relocation farragut maryville oak ridge loudon lenoir city jim lee knoxville realtor" src="http://i92.photobucket.com/albums/l4/jamesleetn/summer.jpg" /></p> <p style="margin-bottom: 0in"><a title="knoxville area mortgage rates surge to new, higher levels. Jim Lee, Knoxville area Realtor can help you buy now and save money." target="_blank" href="http://www.knoxvillehomecenter.com/">Knoxville Home Center.com</a> is the best place to see all the Knoxville, Farragut, Maryville, Oak ridge, and Loudon County homes & condos for sale.</p> </div> <div class="feedback">Filed under <strong> <a href="http://knoxvilletennesseerealestateblog.com/archives/category/farragut-tennessee-real-estate" title="View all posts in Farragut Tennessee real estate" rel="category tag">Farragut Tennessee real estate</a>, <a href="http://knoxvilletennesseerealestateblog.com/archives/category/county-tennessee-real-estate" title="View all posts in Knox County Tennessee real estate" rel="category tag">Knox County Tennessee real estate</a>, <a href="http://knoxvilletennesseerealestateblog.com/archives/category/knoxville-tennessee-condominiums" title="View all posts in Knoxville Tennessee Condominiums" rel="category tag">Knoxville Tennessee Condominiums</a>, <a href="http://knoxvilletennesseerealestateblog.com/archives/category/knoxville-tennessee-relocation" title="View all posts in Knoxville Tennessee relocation" rel="category tag">Knoxville Tennessee relocation</a>, <a href="http://knoxvilletennesseerealestateblog.com/archives/category/town-of-farragut-tennessee" title="View all posts in Town of Farragut Tennessee" rel="category tag">Town of Farragut Tennessee</a> </strong> </div> <!-- <rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:trackback="http://madskills.com/public/xml/rss/module/trackback/"> <rdf:Description rdf:about="http://knoxvilletennesseerealestateblog.com/archives/191" dc:identifier="http://knoxvilletennesseerealestateblog.com/archives/191" dc:title="Knoxville and Farragut Tennessee mortgage rates are on the rise" trackback:ping="http://knoxvilletennesseerealestateblog.com/archives/191/trackback" /> </rdf:RDF> --> </div> <h2 id="comments">No Comments <a 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serving the real estate industry.</li> <li><a href="http://knoxvillehomecenter.com/Realestateinfo.htm" title="Search Knoxville Tennesse Residential Homes for Sale">Search Homes for Sale in Knoxville Tennessee</a><br />Search Knoxville Tennesse Residential Homes for Sale</li> <li><a href="http://knoxvillehomecenter.com/selling.htm" title="Information for Selling a Home in Knoxville Tennessee">Selling a Home in Knoxville Tennessee</a><br />Information for Selling a Home in Knoxville Tennessee</li> </ul> <h2>Calendar</h2> <ol id="calendar"> <li> <table id="wp-calendar" summary="Calendar"> <caption>March 2010</caption> <thead> <tr> <th abbr="Monday" scope="col" title="Monday">Mon</th> <th abbr="Tuesday" scope="col" title="Tuesday">Tue</th> <th abbr="Wednesday" scope="col" title="Wednesday">Wed</th> <th abbr="Thursday" scope="col" title="Thursday">Thu</th> <th abbr="Friday" scope="col" title="Friday">Fri</th> <th abbr="Saturday" scope="col" title="Saturday">Sat</th> <th abbr="Sunday" 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