Mortgage rates beginning to rise

The ultra low mortgage rates we have been seeing may be coming to a close.  The 30-year mortgage rate has risen from an average of 5% to 5.3% in the past week.  The bond market has been rising and causing the shift.  In turn, there has been a significant drop in refinance applications according to the Mortgage Bankers Association.  However, the purchase applications rose.  the rise in purchase applications shows that there are buyers out there wanting to take advantage of the mortgage rates now as well as the Home Buyer Tax Credit.

Now may be a fantastic time to buy.  To learn more, contact me, Malia L. Meenderman, R and principal broker of Bonnebaker