According to a report on CNN.com, mortgages have been insanely low for the past 13 weeks, and that treand may be coming to an end, according to the uptick in mortgage rates from last week (3.49% average) to this week (3.55% average).
The increase in rates followed several positive economic announcements, including debt relief efforts in the Europe, an increase in U.S. consumer confidence in July and a report indicating that home prices are on the rise, according to Frank Nothaft, Freddie's chief economist.
"Recent announcements of additional debt relief for the Eurozone and mixed domestic economic indicators added upward pressure on Treasury yields as well as mortgage rates this week," he said.
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