Mortgage Rates Pull Upward, Again

By Kyle Chezum Updated on 12/8/2010

12/08/2010

Mortgage rates rose last week and rest now at their highest point since July, a surprising 4.66%.  This is still incredibly low compared to rates in previous years, but it’s a sign that demand in the marketplace is increasing and that the housing market, at long last, may be finding its center.

Rates fell to 4.21% in October, significantly lower than the year’s average of 4.74%.  Home purchase mortgage applications saw an increase of 2% this past week, while refinance applications, naturally, dropped.  The rising rates may convince hesitant buyers to act fast.

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