Interest Rates Edging Up

Seems that interest rates have been on the rise for the past 3 weeks, according an article on Smart Money which lists the the most recent Freddie Mac numbers. The US national average on 30 year fixed rate mortgages was 6.42%. However, there's no need to panic yet: one year ago at this time, the rate for a 30 year fixed mortgage was 6.67%, so interest rates still have some distance to go to hit even the most recent highs.

What does this mean for you? Well, if you are buying, go and get pre-approved for your mortgage now, just in case. Most lenders will lock in a rate for you so that you won't pay any higher. At the same time, they will often give you a lower rate if their interest rate comes down.

If you can afford a house, it could be a very good time to buy. While not every US regional market is dropping in price, many are. Combine that with interest rates that are still hovering around historical lows, and you could make a very good deal.

Michael Chantrel 

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