July 17, 2013
Mortgage rates are on the rise, 5 year rates are up to the 3.25% range. Granted, the rates are still amazingly low... let's hope they stay low. Every time the rates are increased, it weakens your buying power. That is, reduces the total amount you can borrow. If you're thinking about buying or re-financing, this is why it's important to lock in a rate with your mortgage broker / banker. They will hold a rate for up to 120 days so that if rates spike again, you can still get a mortgage with the lower rate you locked in.
For great mortgage related information - check out this website: