Is the LOW Mortgage Rate Party Over?

The national average mortgage rate is 3.54% this week for 30 year fixed-rate loans; it was 3.34% last week. The repeated record-low rates over the last several months have, in reality, been indicators of how bad the economy was.  Solid year-end housing numbers and other positive economic news pushed rates higher this week. While low rates have been nice, (still) reasonable rates AND an improving economy are much better.

15-year rate average is 2.81%. Buyers should always investigate the possibility of a 15-year loan. In some cases a few more dollars each month can translate to thousands saved over the life of a mortgage.