4/05/2006

Mortgage Rates Leap Up

According to Bankrate.com, the 30-year fixed is overall around 6.5%, and mortages are the highest in 4 years. Fewer people are refinancing than in the last 9 months or so. Buyers sometimes forget that a change in their mortage rate will increase their monthly payment faster than a slight increase in a sales price on a new purchase, depending on the amount involved. Why wait, if you're thinking of a new purchase?

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