Mortgage news

News, trends and analysis of the mortgage and credit market

Thursday, February 1, 2007

Mortgage rates go high. Act now before it's too late!

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Mortgage rates are rising. Act now before it's too late.

Longer term mortgage rates were up again, albeit only slightly, during the week ending January 18 according to Freddie Mac's Primary Mortgage Market Survey. Despite the tiny increments the market has seen over the last four or five weeks, each of the mortgage products tracked by Freddie Mac has reached the highest levels seen since early to mid-November.

The 30-year fixed-rate mortgage (FRM) averaged 6.23 last week, compared to the week ending January 11 when it averaged 6.21 percent. The most recent rate is 13 basis points higher than it was one year ago.

Lock in your rate now before it goes too high.


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