<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/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/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/category/knoxville-tennessee-condominiums/" title="View all posts in Knoxville Tennessee Condominiums" rel="category tag">Knoxville Tennessee Condominiums</a>,<a 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