"...Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.37 percent nationwide this week, up from 6.21 percent last week. It was the highest level for 30-year mortgages since they averaged 6.40 percent the week of Oct. 26.Analysts said the second consecutive weekly increase in 30-year mortgage rates after they had been unchanged or fallen for a month reflected concerns in financial markets that inflation worries will keep the Fed from cutting rates in coming months."Stronger than expected consumer confidence and recent comments from members of the Fed raised some inflation concerns in the market, causing it to lower expectations of a Fed rate cut this year," said Frank Nothaft, Freddie Mac's chief economist."
Maybe this is the impetus needed to make some buyers get off the fence. With interest rates rising, NOW may be the time to make that offer on a home you've been looking at! It could mean saving a LOT of money on a monthly note if you can lock in rates now and maybe make a low offer on a property that's been on the market for a while. At least a low offer will start the communication process.