Lock-in Mortgage Rates While You Can

While there is no need to panic, mortgage rates do not appear to be taking a dive anytime soon. In fact, the trend is looking upward now that the Federal Reserve has pulled itself out of the mortgage-buying market. Since the end of March, mortgage rates have been steadily creeping higher, past the all-important psychological benchmark, 5 percent.

For would-be homeowners, this means a higher mortgage loan rate when purchasing a new house. For homeowners, this means, higher interest rates when refinancing. Couple higher interest rates with the expiration of the government tax credit worth $8,000 to new home owners, as well as higher treasury yields, and conditions are ripe for higher mortgages – and less impetus to purchase

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