If you are in the market for a home with the intention to get a loan under 5%, you'd better move! The first full week of January Freddie Mac's average 30-year fixed mortgage closed at 5.09%. And once these go up they are not coming back down any time soon.
Because of the bad economy the government had some programs going to get interest rates down. Those programs are coming to an end and interest rates will head back up.
Rates should also rise as the economy improves. As people start to borrow money again the rates will increase. There should be a small jump during the spring home buying season and rise slowly from there. At least according to CNN.
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