Family Finance: Mortgage interest rates on the rise - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Family Finance: Mortgage interest rates on the rise


Americans snapped up new homes in June at the fastest pace in 5 years. Despite the increase in home sale, mortage interest rates keep jumping.

According to CNBC, mortgage rates are up 45 percent in the past 6 weeks. Despite this, analysts say the rates were bound to go up, and now still can be a good time to buy a home.

Lukcily, the cost of buying a new house shouldn't go up. Fannie Mae researchers recently looked at mortgage rates going all the way back to 1990 and found rising rates virtually had no impact on home prices.

The folks at Money Magazine made a list of five things you need to know in today's market.

1. No more record rates, but cheap loans are still available.

2. The refi window is starting to close.

3. Higher rates won't scuttle the housing recovery.

4. Once you're ready to buy, lock in.

5. Fixed loans usually beat adjustables.

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