Interest Rates Moving Up

This just in from the Wall Street journal --

30-Year Mortgage Rates Rise Again Freddie Mac reports a more than 0.25-percentage point gain in the 30-year fixed mortgage rate to 6.63 percent during the week ended July 24 from the prior week, marking the highest level since it reached 6.68 percent last August. The 15-year fixed mortgage rate also increased, climbing to 6.18 percent from 5.78 percent. Meanwhile, the five-year hybrid adjustable mortgage rate rose to 6.16 percent from 5.80 percent; and the one-year ARM surged to 5.49 percent from 5.10 percent. Freddie Mac chief economist Frank Nothaft attributes the jump to "market concerns about rising inflation, further weakness in the housing market and greater probability that the Federal Reserve will raise short-term rates this year." Source: Wall Street Journal (07/25/08)

We may not see any more increases like this, but the trend is in place. If you are considering buying a home, now is the time! As interest rates increase, the less house you can afford comfortably.