According to Freddie Mac, the mortgage rates for a 30-year fixed, recently jumped to an average of 5.32% this week, from 4.91% last week. Refinancing has taken a hit by the rising rate, however home purchases have continued to rise.
As the economy slowly recovers and takes its climb back to normalcy, home buyers are jumping on the lower interest rates now, in case they continue to rise further any time soon. A further rise in rates could slow the housing recovery, but the current rates are not high enough to put a kabash on home buyers interest.
This is a sign that things are starting to turn for the better, but don’t just go out and find the first deal you come across so you can lock in a low interest rate on a long term loan. Keep in mind what you are trying to achieve and shop around until you find what is right!
Posted by realestateoptions 
