Over the past month, the interest rate on a 30-year fixed mortgage has jumped from 3 percent to 4.5 percent. The interest rate last year at this time on a 30-day fixed mortgage was 3.98 percent.
The increase can be attributed to a federal government meeting last week and an improving economy.
"We were just used to those really really low rates," said Northside Mortgage CEO Stacey Walker. "But it's still really really good. It might have an effect on those people re-financing but as far as buying and new construction, I've noticed a big increase."