Wake up, mortgage rates are rising
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Rates on fixed-rate mortgages rose this week for the third week in a row, according to Freddie Mac's weekly survey of conforming mortgage rates. The reversal follows a long streak of rate drops.
"The latest economic indicators point toward low inflation but gradually stronger economic activity which placed further upward pressure on long-term Treasury yields and, in turn, fixed mortgage rates," Frank Nothaft, Freddie Mac's chief economist, said in a statement.
There's no need to panic if you're in the market for a mortgage: Rates on the 30-year fixed-rate mortgage averaged 3.62% for the week ending Aug. 16, and remain low. Still, homeowners in the market to refinance might take the series of rising rates as a cue to snap awake and take action.
Read more Real Estate news in this week's pages, including a Consumer Confidential story on how to cut your cable bill, as well as the latest on housing starts and builder confidence.
And if you are interested in a refinance, get on the phone to a mortgage professional and see if you qualify. Rates on the 30-year may still be under 4%, but you don't want to wait and miss the boat for a great rate.
--, Real Estate writer
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