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Interest Rates Are Going Up And Down...Hey What's Going On?

green%20house.jpgI glanced at a few money market yields this past week and they are hovering around 2.6%  However the Wall Street Journal is reporting mortgage rates are going up.  Apparently the long-term rates are creeping up and your money-market yields are dropping.

If you are thinking about buying a home, it's time to look into locking in your rate.


Rates have suddenly spiked in the past 10 days and there is a serious danger that this could get a lot worse.

The average interest rate on a typical 30-year fixed loan has jumped to 6.02% from 5.82% in a week, according to data tracked by Bankrate.com. That's because rising inflation fears have caused a jump in the interest rates on long-term government bonds.

On a $300,000 mortgage, the increase will add $38 to your monthly payments. It will cost an extra $4,000 in interest over the total life of the loan.

Posted on Saturday, May 31 by Registered CommenterWise Owl | Comments Off