The days of mortgage rates below the four percent benchmark are over, according to Bill Carey, loan officer for Citizens Bank.
At the Harwich Broker's Tour breakfast today, Carey announced the interest rate on a fixed, 30 year mortgage shot up .58 percent in just one month.
"The feds were printing money and buying things like bonds, but they indicated that would end", Carey told the group. "When the Fed Chairman speaks, incredible things can happen" he added, referring to Federal Reserve Board Chairman Ben Bernanke.
In addition to the 4 percent rate on a 30 year loan, Citizens Bank announced a 15 year rate of 3.125 percent, and rates of 3.125 for a ten year adjustable rate mortage, 2.5 percent for a five year adjustable rate loan and 2.65 percent for a five year adjustable rate jumbo loan.
"I don't think we'll see the all-time low rates we saw a month ago return", Carey said.
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