Thursday, July 11, 2013

Mortgage Rates at Two Year High

The average rate for the 30-year fixed-rate mortgage rose to 4.51% in the week ending July 11 - reaching the highest rate since July 2011,Freddie Mac said today in its weekly report.

 A year ago, the 30-year rate averaged 3.56%.

This is only the beginning. It is not the time to have a floating rate mortgage. If you haven't locked in your mortgage rate with a long-term fixed rate mortgage, do so now.

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