Mortgage Rates Are Starting To Rise Again...
A sharp increase in mortgage rates over the past few weeks seems to be driving home buyers back into the market. Rates on a 30 year fixed mortgage have increased by about .7% in the last five weeks and are headed towards the 5% mark.
This recent rate surge is bringing home buyers that were on the side lines waiting for home prices to fall futher back to the table. They are afraid that rising rates will offset any potential savings from lower home prices. Chances are that they are realizing that waiting for lower prices is to much of a gamble considering that rising rates are much more costly over the long haul.