Mortgage rates are on the rise but are still attractive to buyers
December 12, 2009
Author: System Automation
Mortgage rates on a fixed rate, 30 year mortgage inched up this week to 4.81% according to Mortgage giant, Freddie Mac who collects mortgage rate information weekly from lenders from around the nation.
In an effort to keep the real estate market affordable, FED has been keeping the rates below 5%, by buying a whopping $1.25 trillion in mortgage backed securities. Last week the rates were at an all time low of 4.71%, creating an 11% jump in refinance applications and a 4% rise in mortgage applications, according to the Mortgage Bankers Association.
Although the rates are rising, they are still attractive to potential buyers or those looking to refinance.
