NEWS: Mortgage Rates Climb to 7-Month High!
Freddie Mac announced in a statement today that the average rate for a 30-year fixed loan rose to 4.86 percent in the week ended today from 4.81 percent. The average 15-year rate advanced to 4.2 percent from 4.17 percent.
What this means is borrowing costs just increased for homebuyers. However, borrowing costs are still near historic lows. The 30-year fixed rate averaged about 4.7 percent in 2010, the lowest on an annual basis since 1955, according to Frank Nothaft, Freddie Mac’s chief economist.
Simple economics still tell you that it is still a great time to buy while demand, prices, and interest rates are low.
