Mortgage Rates Move Upward

Rates have risen across the board, with the 30- and 15-year fixed rates roughly where they were two weeks ago. This is unfortunate for first time home buyers or those looking to refinance, but a good indicator for the U.S. economy and the fortune-telling future of line graphs. But because rates have risen, mortgage rate wolf has disappeared. Will he return? No one knows, but we’ll discuss the raw numbers from Freddie Mac anyways.

Locking in Your Mortgage Rate 101

Once you’ve chosen a lender and your mortgage product is decided, you need to lock into an interest rate based on the market at that particular time. It’s important to lock in your rate because the market is always changing and rates can easily go up. It’s a guessing game that most people don’t want to play.