It has been observed of late that mortgage rates are again going up. In fact, the last week of December show that the mortgage rate registered a high that is the maximum in the past five months, possibly due to increae in the bond yields after President Barack Obama complied to extend the tax cuts for another 2 years.
According to a statement given by Freddie Mac, the average rate for a 30 year fixed loan has gone up to 4.61 percent from 4.46 percent. Mc Lean, a Virginia based company also shows that the average rate of mortgage has moved from 3. 81 percent to 3.96.
Financial analysts think that once people come to know that the mortgage rates can only go this low, they will gear up for home buying. In fact, the sign of things are evident by the way the mortgage applications rising to 1.8 percent by December 3, 2010; as per the information given by Washington-based Mortgage Bankers Association.
The lowest mortgage rate in the US was in November 2010, when the average rate for a 30 year loan was just 4.17 percent; the lowest in the past 30 years. Though things were good a couple of months ago, they are not really bad now. One can say that the ability to get mortgage at low rates is still there, though you cannot expect rock-bottom prices. But in the future, the rates may still increase as per the mortgage rates tends in the last two weeks. So, it is better to study the mortgage market closely and make the right moves.
